July 16, 2025 • 15 mins
On today's podcast:
1) President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad “reciprocal” rates set for implementation on Aug. 1
2) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.
3) Nvidia Corp. boss Jensen Huang anticipates getting the first batch of US licenses to export H20 AI chips to China soon, formally allowing the company to resume sales of a much sought-after component to the world’s top semiconductor arena.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
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 3 (00:15):
Karen, we begin with new developments on tariffs. President Trump
says he's likely to impose levies on pharmaceuticals as soon
as the end of the month. While he didn't specify
a rate, any tariff would likely impact the likes of
Eli Lilly, MRK, and Pfizer, which all produced drugs overseas.
The President spoke to reporters and comments heard live on
Bloomberg Radio.
Speaker 4 (00:35):
Farmatuticals will be tariff probably at the end of the month,
and we're going to start off with a low tariff
and give the pharmaceutical companies a year or so to bill,
and then we're going to make it a very high.
Speaker 3 (00:47):
Terror and the President also says his timeline for implementing
tariffs on semiconductors is similar.
Speaker 1 (00:53):
Nathan.
Speaker 2 (00:54):
The President also predicted that he could strike two or
three trade deals with countries before implementing his so called
reciprocal tariffs on August first. He also says he's reached
a deal with Indonesia.
Speaker 5 (01:05):
Indonesia's very strong on copper, but we have full access
to everything. We will pay no tariffs, So they are
giving us access into Indonesia which we never had. That's
probably the biggest part of the deal. And the other
part is they are going to pay nineteen percent and
we are going to pay nothing.
Speaker 2 (01:26):
On social media, the President also said Indonesia has committed
to purchase fifteen billion dollars in US energy, four and
a half billion worth of agricultural products, and fifty Boeing jets.
Speaker 3 (01:36):
And Karen the President is also continuing his criticism of
Jay Powell that says Bloomberg News has learned Kevin Hasset,
director of the White House National Economic Council, is the
early front runner to replace Powell as FED chair next year.
Treasury Secretary Scott Besson says the formal process to find
Powell's successor has already begun. In an interview heard right
here on Bloomberg Radio, Bess and suggested Powell should also
(01:59):
not rein on the fed's Board of Governors after his
term is chair ends.
Speaker 6 (02:04):
There's been a lot of talk of a shadow fedchair
causing confusion in advance of his or her nomination, and
I can tell you I think it'd be very confusing
for the market for a former FED chair to stay on.
Speaker 3 (02:19):
Also, Serajuri Secretary Scott Bessend also says he's part of
the decision making process, but the final decision will come
from President Trump.
Speaker 2 (02:27):
He if in Congress is a step closer to clawing
back billions of dollars in funds for a public broadcasting
and foreign aid. The Senate has voted to advance nine
point four billion dollars in cuts on a fifty one
to fifty vote, with Vice President jd Vance breaking the tie.
The measure would cancel funds for the Corporation for Public Broadcasting,
which funds PBS and NPR. The networks have warned that
(02:49):
could force local stations to close, but HOWSE Speaker Mike
Johnson says public media have misused federal funds.
Speaker 7 (02:56):
They're biased reporting, they're not objective, they pretend to be,
so they have for a long time, and the people
don't need to fund that.
Speaker 2 (03:04):
Speaker Mike Johnson spoke before the White House offered assurances
to South Dakota Senator Mike Rouse that tribal radio stations
had received ten million dollars. The package now heads to
a vote rama of amendment votes before the Senate takes
final action today, Karen.
Speaker 3 (03:19):
A controversy that has split President Trump's voter base is
now threatening a wider divide in the Republican party. This
is over the administration's handling of documents related to disgraced
financier Jeffrey Epstein. This month, the Justice Department said it
had no new information to release on the case. That's
after Attorney General Pam Bondi told Fox News earlier this
year that she had Epstein's client list waiting on her desk. Now,
(03:41):
Republicans like Missouri Senator Josh Holly are calling for more transparency.
Speaker 6 (03:46):
I think all this stuff I'll be public.
Speaker 7 (03:47):
I mean, I think all the documents should all be public.
I think we'd all want to be out of the open.
Speaker 3 (03:55):
Another Republican, Kentucky Congressman Thomas Massey, says he'll force a
vote in the House to release documents in the case.
President Trump says Republicans should put Epstein behind them.
Speaker 4 (04:04):
I don't understand it why they would be so interested.
He's dead for a long time. He was never a
big factor in terms of life.
Speaker 3 (04:14):
The president says he thinks Attorney General Bondi has handled
the case well. He has suggested, without evidence that the
Epstein files were made up by Democrats. Shares of Nvidia
closed it an all time high. CEO Jensen Wong says
he should get the first batch of US licenses to
export H twenty AI chips to China soon, but he
says it's still unclear how many licenses the US will approve.
(04:35):
Speaking at a conference in Beijing, Jensen Wang praise China's
achievements in artificial intelligence models like deep.
Speaker 8 (04:42):
Seek, Ali, Baba, Tensen, Mini Max and bay Do or
anybody our world class developed here and shared openly have
spurred AI developments were wide.
Speaker 3 (04:58):
Jensen Wog's in Vidia MA history last week as the
first company to hit a four trillion dollar market value.
Speaker 2 (05:04):
Shares of chip maker ASML are down almost eight percent
in Europe, and Nathan the company CEO, is walking back
the company's growth forecast for next year due to trade
disputes and global tensions. ASML forecasts for third quarternet sales
missed estimates. Plashan also in focus in Europe this morning.
In fact, UK inflation rose to its highest level since
(05:26):
January twenty twenty four. CPI taped up to three point
six percent in June from three point four percent previously.
Economists had expected the figure to remain unchanged. Time Now
for look at some of the other stories making news
in New York and around the world, and for that
we're joined by Bloomberg's Michael Barr. Michael, good morning, Good.
Speaker 9 (05:46):
Morning, Karen. We're learning more about two women in New
Jersey who were killed after their vehicle was swept up
in floodwaters during a storm that moved across the northeast
Monday night. They were in their car on the road
when it was swept into the Cedar Brook during the
peak of the heavy rains. Governor Phil Murphy we.
Speaker 10 (06:04):
Got crushed not just here in Berkeley Heights, but in
this part of the state in particular. Sadly, two losses
of life in Plainfield in a vehicle that was swept away,
and they sadly decease were extracted.
Speaker 9 (06:20):
It is the second deadly weather system in the Plainfield
area this month. Early in July, three people died when
thunderstorms caused trees to fall. The Pentagon says that Defense
Secretary Pete Hegsath has ordered that two thousand California National
Guardsmen be withdrawn from the security mission in Los Angeles.
That order will reduce by almost half the forty seven
(06:43):
hundred federal iceed guards and marines sent to the city
in early June to protect federal property and personnel following
anti ICE protests. Los Angeles Mayor Karen bass I.
Speaker 11 (06:55):
Have said from the beginning that what is happening in
Los Angeles is we are being used as a test case,
and I am hoping that this experiment with the lives
of people ends here.
Speaker 9 (07:06):
New York City mayoral candidate Zoron Mamdani told business leaders
that he would begin to discourage the use of the
phrase globalize the into fought up after being pressed on
his views by Pfizer chief executive Albert Borlap, according to
people with knowledge of the matter, the Democratic mayoral nominee
met Tuesday with about one hundred business leaders from the
(07:27):
Partnership for New York City. Ma'm Donnie an activists where
Palestinian Causes, has been criticized for refusing to denounce the phrase,
a reference to the armed Palestinian uprisings against Israel. Meanwhile,
Senate Minority Leader Chuck Schumer was asked about it during
a news conference yesterday.
Speaker 12 (07:43):
Look to what the globalized into FOD and means is
really wrong and should be condemned, and I look forward
to my discussions with mister Mamdani.
Speaker 9 (07:53):
And Mamdani picked up the backing yesterday from the largest
Union for City Workers DC thirty seven and from New
York Democrat Congressman Adriano Espion. Global News twenty four hours
a day and whenever you want it for the Bloomberg News.
Now him, Michael Barne, This is Bloomberg Herry.
Speaker 2 (08:08):
All right, Michael barr thank you time now for the
Bloomberg Sports Update. It's brought to you by Flushing Bank,
and here's John Stanshower.
Speaker 12 (08:19):
John, good morning, Good morning, Karen. There's never been in
an NLB All Star Game, or at least a finish
like this. One in Atlanta looked like a National League
route at Ketel Marte two runs single before the Al
got an out and stayed two to nothing until a
Pete Alonso three run opposite field homers six. Then he
first met with an All Star homer since David Ryan
two thousand and six, Corbin Carol Homer. The nl had
(08:40):
six to nothing. Back came the Al. The Ads, Brent Rooker.
Three run shot to get him on the board, and
then two runs in the ninth. They tied the game
with an infield single. With two out no extra innings,
it was instead time for a swing off. Each team
picked three players to swing three times, and Kyle Schwarber
hit all three of his out for home runs the
(09:02):
NL one. Schwarberg was MVP. He spoke on Fox on
the field.
Speaker 13 (09:06):
Afterwards, just trying to not hit a home run. I
guess is trying to stick short because if I would
have tried to hit a home run or I would
probably hit my guys over there. But I'm just happy
that it worked out for US and National League's going
home with one.
Speaker 12 (09:20):
You get Urt Philly to be an All Star. MVPs
and Johnny Tallison at Chase Stadium in nineteen sixty four,
day after the Jets locked up white out Garrett Wilson
with a four year extension, they did likewise with cornerback
Sauce Gardner. They drafted both players among the first ten
picks of the twenty twenty two draft. Tomorrow begins the
one hundred and fifty third Open Championship, just the third
(09:41):
ever at royal Port Rush in Northern Ireland, and this tournament,
like all of them, now begins with world number one
Scottie Scheffler as the betting paper.
Speaker 7 (09:49):
No matter what happens, we're always onto the next week.
And so that's one of the beautiful things about golf,
and it's also one of the frustrating things because you
can have such great accomplishments, but you know, the show
goes on and that's just how it is. You know,
it's great to win tournaments, it's a lot of fun.
Sometimes the feeling only lasts about two minutes. It seems
like Chef.
Speaker 12 (10:09):
With Tea's off about twenty four hours from now, just
to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.
Speaker 1 (10:15):
Nias Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (10:28):
Good morning, I'm Nathan Hager. President Trump's trade negotiations maybe
heading into the final stretch, with just sixteen days to
go until the August first tariff deadline. The President says
higher rates for pharmaceuticals could be coming sooner rather than later,
and only a few more trade deals may still be
in the works.
Speaker 4 (10:45):
We're working on probably five or six. Up the five
or six, I'm not sure I.
Speaker 5 (10:50):
Really want to do them.
Speaker 9 (10:50):
You know, you want.
Speaker 4 (10:51):
Somebody to notice how to negotiate, but we'll probably have
two or three.
Speaker 3 (10:56):
The President spoke to reporters at joined Basse Andrews outside
Washington last night, and this morning we're joined by Bloomberg
News senior editor Bill Ferries. Bill, wasn't that long ago
we were hearing maybe a dozen, maybe eighteen trading partners
could be coming up for deals. Now it seems like
that window is narrowing.
Speaker 14 (11:14):
Good morning, Good morning, Nathan. Yeah, it is narrowing. We
you know, we've had this fourth country, I guess, get
some sort of an agreement, whether you want to call
it a deal or a framework, with Indonesia getting nineteen
percent tariffs on their products in return agreeing to buy
apparently about nineteen billion dollars in goods and some Boeing
(11:36):
jets and things like that. That would be basically the
fourth deal you can count on. And you heard President
Trump there. I think he went on to say that
he's still hoping that India might be among the countries
who get some sort of an agreement, and that would
obviously be a really big one that's been hanging out there,
But that leaves a whole lot of countries. You know,
(11:57):
we're very far away from those ninety d and ninety
days that we heard about in April, but there's still
you know, the President has signaled that there's a chance
that this August deadline might also be extended. Scott Bessen said,
almost certainly that would happen for China as they continue
working out the details of their agreement. But a lot
(12:18):
of countries still feel like the last two weeks is
time is time they can use well to maybe get
under the get through the finish line here with the
Trump administration.
Speaker 3 (12:29):
And even if we get closer to that finish line bill,
the president's talking more about sectoral tariffs as well, including
potentially pharmaceutical tariffs. He had said maybe those would be
raised by two hundred percent in a year or more,
but maybe that's coming sooner.
Speaker 14 (12:44):
Yeah, he said that August first, or at the end
of this month could be when he decides to go
forward at a much lower level with pharmaceutical tariffs, and
he even said semiconductors. With the pharmaceuticals he has talked
about two hundred percent, he says that that would potentially
be phased in over a year, or at one point
(13:05):
he said a year and a half. The idea being
to try to get these companies, many of the big
ones which are in Europe, to move more of their
production into the United States. He seems to acknowledge that
that would take some time, but he doesn't have unlimited patients.
It's hard to know whether a year, a year and
a half is really enough. Two hundred percent would be
a huge increase, so that might be the leverage he's
(13:26):
trying to use to get them to the table.
Speaker 3 (13:28):
And speaking of unlimited patients, we're not seeing much of
that when it comes to FED Shair J. Powell and
interest rates. And now we're hearing more about how the
search process for a replacement is going, maybe even sooner
than expected.
Speaker 14 (13:42):
Yeah, it sounds like Scott Besson said the formal process
of starting to pick the next FED chair has already begun,
and Besson, of course has long been on the shortlist
for that. But President Trump's saying that he likes the
job best and is doing a Treasury, so he might
not really be the leading candidate at this point. One
(14:05):
person who we do think is probably the leading candidate
right now is Kevin Hassett, the head of the National
Economic Council and an advisor economic advisor who's been close
to Trump for really better part of a decade. At
this point, he seems to be perhaps in the pole position,
and Chris Waller, former Fed governor, also on that shortlist.
Speaker 2 (14:26):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:33):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:39):
You can also listen live each morning starting at five
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Speaker 3 (14:54):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:00):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it. In five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (15:13):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Dbreak
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 3 (00:15):
Karen, we begin with new developments on tariffs. President Trump
says he's likely to impose levies on pharmaceuticals as soon
as the end of the month. While he didn't specify
a rate, any tariff would likely impact the likes of
Eli Lilly, MRK, and Pfizer, which all produced drugs overseas.
The President spoke to reporters and comments heard live on
Bloomberg Radio.
Speaker 4 (00:35):
Farmatuticals will be tariff probably at the end of the month,
and we're going to start off with a low tariff
and give the pharmaceutical companies a year or so to bill,
and then we're going to make it a very high.
Speaker 3 (00:47):
Terror and the President also says his timeline for implementing
tariffs on semiconductors is similar.
Speaker 1 (00:53):
Nathan.
Speaker 2 (00:54):
The President also predicted that he could strike two or
three trade deals with countries before implementing his so called
reciprocal tariffs on August first. He also says he's reached
a deal with Indonesia.
Speaker 5 (01:05):
Indonesia's very strong on copper, but we have full access
to everything. We will pay no tariffs, So they are
giving us access into Indonesia which we never had. That's
probably the biggest part of the deal. And the other
part is they are going to pay nineteen percent and
we are going to pay nothing.
Speaker 2 (01:26):
On social media, the President also said Indonesia has committed
to purchase fifteen billion dollars in US energy, four and
a half billion worth of agricultural products, and fifty Boeing jets.
Speaker 3 (01:36):
And Karen the President is also continuing his criticism of
Jay Powell that says Bloomberg News has learned Kevin Hasset,
director of the White House National Economic Council, is the
early front runner to replace Powell as FED chair next year.
Treasury Secretary Scott Besson says the formal process to find
Powell's successor has already begun. In an interview heard right
here on Bloomberg Radio, Bess and suggested Powell should also
(01:59):
not rein on the fed's Board of Governors after his
term is chair ends.
Speaker 6 (02:04):
There's been a lot of talk of a shadow fedchair
causing confusion in advance of his or her nomination, and
I can tell you I think it'd be very confusing
for the market for a former FED chair to stay on.
Speaker 3 (02:19):
Also, Serajuri Secretary Scott Bessend also says he's part of
the decision making process, but the final decision will come
from President Trump.
Speaker 2 (02:27):
He if in Congress is a step closer to clawing
back billions of dollars in funds for a public broadcasting
and foreign aid. The Senate has voted to advance nine
point four billion dollars in cuts on a fifty one
to fifty vote, with Vice President jd Vance breaking the tie.
The measure would cancel funds for the Corporation for Public Broadcasting,
which funds PBS and NPR. The networks have warned that
(02:49):
could force local stations to close, but HOWSE Speaker Mike
Johnson says public media have misused federal funds.
Speaker 7 (02:56):
They're biased reporting, they're not objective, they pretend to be,
so they have for a long time, and the people
don't need to fund that.
Speaker 2 (03:04):
Speaker Mike Johnson spoke before the White House offered assurances
to South Dakota Senator Mike Rouse that tribal radio stations
had received ten million dollars. The package now heads to
a vote rama of amendment votes before the Senate takes
final action today, Karen.
Speaker 3 (03:19):
A controversy that has split President Trump's voter base is
now threatening a wider divide in the Republican party. This
is over the administration's handling of documents related to disgraced
financier Jeffrey Epstein. This month, the Justice Department said it
had no new information to release on the case. That's
after Attorney General Pam Bondi told Fox News earlier this
year that she had Epstein's client list waiting on her desk. Now,
(03:41):
Republicans like Missouri Senator Josh Holly are calling for more transparency.
Speaker 6 (03:46):
I think all this stuff I'll be public.
Speaker 7 (03:47):
I mean, I think all the documents should all be public.
I think we'd all want to be out of the open.
Speaker 3 (03:55):
Another Republican, Kentucky Congressman Thomas Massey, says he'll force a
vote in the House to release documents in the case.
President Trump says Republicans should put Epstein behind them.
Speaker 4 (04:04):
I don't understand it why they would be so interested.
He's dead for a long time. He was never a
big factor in terms of life.
Speaker 3 (04:14):
The president says he thinks Attorney General Bondi has handled
the case well. He has suggested, without evidence that the
Epstein files were made up by Democrats. Shares of Nvidia
closed it an all time high. CEO Jensen Wong says
he should get the first batch of US licenses to
export H twenty AI chips to China soon, but he
says it's still unclear how many licenses the US will approve.
(04:35):
Speaking at a conference in Beijing, Jensen Wang praise China's
achievements in artificial intelligence models like deep.
Speaker 8 (04:42):
Seek, Ali, Baba, Tensen, Mini Max and bay Do or
anybody our world class developed here and shared openly have
spurred AI developments were wide.
Speaker 3 (04:58):
Jensen Wog's in Vidia MA history last week as the
first company to hit a four trillion dollar market value.
Speaker 2 (05:04):
Shares of chip maker ASML are down almost eight percent
in Europe, and Nathan the company CEO, is walking back
the company's growth forecast for next year due to trade
disputes and global tensions. ASML forecasts for third quarternet sales
missed estimates. Plashan also in focus in Europe this morning.
In fact, UK inflation rose to its highest level since
(05:26):
January twenty twenty four. CPI taped up to three point
six percent in June from three point four percent previously.
Economists had expected the figure to remain unchanged. Time Now
for look at some of the other stories making news
in New York and around the world, and for that
we're joined by Bloomberg's Michael Barr. Michael, good morning, Good.
Speaker 9 (05:46):
Morning, Karen. We're learning more about two women in New
Jersey who were killed after their vehicle was swept up
in floodwaters during a storm that moved across the northeast
Monday night. They were in their car on the road
when it was swept into the Cedar Brook during the
peak of the heavy rains. Governor Phil Murphy we.
Speaker 10 (06:04):
Got crushed not just here in Berkeley Heights, but in
this part of the state in particular. Sadly, two losses
of life in Plainfield in a vehicle that was swept away,
and they sadly decease were extracted.
Speaker 9 (06:20):
It is the second deadly weather system in the Plainfield
area this month. Early in July, three people died when
thunderstorms caused trees to fall. The Pentagon says that Defense
Secretary Pete Hegsath has ordered that two thousand California National
Guardsmen be withdrawn from the security mission in Los Angeles.
That order will reduce by almost half the forty seven
(06:43):
hundred federal iceed guards and marines sent to the city
in early June to protect federal property and personnel following
anti ICE protests. Los Angeles Mayor Karen bass I.
Speaker 11 (06:55):
Have said from the beginning that what is happening in
Los Angeles is we are being used as a test case,
and I am hoping that this experiment with the lives
of people ends here.
Speaker 9 (07:06):
New York City mayoral candidate Zoron Mamdani told business leaders
that he would begin to discourage the use of the
phrase globalize the into fought up after being pressed on
his views by Pfizer chief executive Albert Borlap, according to
people with knowledge of the matter, the Democratic mayoral nominee
met Tuesday with about one hundred business leaders from the
(07:27):
Partnership for New York City. Ma'm Donnie an activists where
Palestinian Causes, has been criticized for refusing to denounce the phrase,
a reference to the armed Palestinian uprisings against Israel. Meanwhile,
Senate Minority Leader Chuck Schumer was asked about it during
a news conference yesterday.
Speaker 12 (07:43):
Look to what the globalized into FOD and means is
really wrong and should be condemned, and I look forward
to my discussions with mister Mamdani.
Speaker 9 (07:53):
And Mamdani picked up the backing yesterday from the largest
Union for City Workers DC thirty seven and from New
York Democrat Congressman Adriano Espion. Global News twenty four hours
a day and whenever you want it for the Bloomberg News.
Now him, Michael Barne, This is Bloomberg Herry.
Speaker 2 (08:08):
All right, Michael barr thank you time now for the
Bloomberg Sports Update. It's brought to you by Flushing Bank,
and here's John Stanshower.
Speaker 12 (08:19):
John, good morning, Good morning, Karen. There's never been in
an NLB All Star Game, or at least a finish
like this. One in Atlanta looked like a National League
route at Ketel Marte two runs single before the Al
got an out and stayed two to nothing until a
Pete Alonso three run opposite field homers six. Then he
first met with an All Star homer since David Ryan
two thousand and six, Corbin Carol Homer. The nl had
(08:40):
six to nothing. Back came the Al. The Ads, Brent Rooker.
Three run shot to get him on the board, and
then two runs in the ninth. They tied the game
with an infield single. With two out no extra innings,
it was instead time for a swing off. Each team
picked three players to swing three times, and Kyle Schwarber
hit all three of his out for home runs the
(09:02):
NL one. Schwarberg was MVP. He spoke on Fox on
the field.
Speaker 13 (09:06):
Afterwards, just trying to not hit a home run. I
guess is trying to stick short because if I would
have tried to hit a home run or I would
probably hit my guys over there. But I'm just happy
that it worked out for US and National League's going
home with one.
Speaker 12 (09:20):
You get Urt Philly to be an All Star. MVPs
and Johnny Tallison at Chase Stadium in nineteen sixty four,
day after the Jets locked up white out Garrett Wilson
with a four year extension, they did likewise with cornerback
Sauce Gardner. They drafted both players among the first ten
picks of the twenty twenty two draft. Tomorrow begins the
one hundred and fifty third Open Championship, just the third
(09:41):
ever at royal Port Rush in Northern Ireland, and this tournament,
like all of them, now begins with world number one
Scottie Scheffler as the betting paper.
Speaker 7 (09:49):
No matter what happens, we're always onto the next week.
And so that's one of the beautiful things about golf,
and it's also one of the frustrating things because you
can have such great accomplishments, but you know, the show
goes on and that's just how it is. You know,
it's great to win tournaments, it's a lot of fun.
Sometimes the feeling only lasts about two minutes. It seems
like Chef.
Speaker 12 (10:09):
With Tea's off about twenty four hours from now, just
to happen. Defending Jams, Anderschomp, John Stashan were Bloomberg Sports Karen.
Speaker 1 (10:15):
Nias Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (10:28):
Good morning, I'm Nathan Hager. President Trump's trade negotiations maybe
heading into the final stretch, with just sixteen days to
go until the August first tariff deadline. The President says
higher rates for pharmaceuticals could be coming sooner rather than later,
and only a few more trade deals may still be
in the works.
Speaker 4 (10:45):
We're working on probably five or six. Up the five
or six, I'm not sure I.
Speaker 5 (10:50):
Really want to do them.
Speaker 9 (10:50):
You know, you want.
Speaker 4 (10:51):
Somebody to notice how to negotiate, but we'll probably have
two or three.
Speaker 3 (10:56):
The President spoke to reporters at joined Basse Andrews outside
Washington last night, and this morning we're joined by Bloomberg
News senior editor Bill Ferries. Bill, wasn't that long ago
we were hearing maybe a dozen, maybe eighteen trading partners
could be coming up for deals. Now it seems like
that window is narrowing.
Speaker 14 (11:14):
Good morning, Good morning, Nathan. Yeah, it is narrowing. We
you know, we've had this fourth country, I guess, get
some sort of an agreement, whether you want to call
it a deal or a framework, with Indonesia getting nineteen
percent tariffs on their products in return agreeing to buy
apparently about nineteen billion dollars in goods and some Boeing
(11:36):
jets and things like that. That would be basically the
fourth deal you can count on. And you heard President
Trump there. I think he went on to say that
he's still hoping that India might be among the countries
who get some sort of an agreement, and that would
obviously be a really big one that's been hanging out there,
But that leaves a whole lot of countries. You know,
(11:57):
we're very far away from those ninety d and ninety
days that we heard about in April, but there's still
you know, the President has signaled that there's a chance
that this August deadline might also be extended. Scott Bessen said,
almost certainly that would happen for China as they continue
working out the details of their agreement. But a lot
(12:18):
of countries still feel like the last two weeks is
time is time they can use well to maybe get
under the get through the finish line here with the
Trump administration.
Speaker 3 (12:29):
And even if we get closer to that finish line bill,
the president's talking more about sectoral tariffs as well, including
potentially pharmaceutical tariffs. He had said maybe those would be
raised by two hundred percent in a year or more,
but maybe that's coming sooner.
Speaker 14 (12:44):
Yeah, he said that August first, or at the end
of this month could be when he decides to go
forward at a much lower level with pharmaceutical tariffs, and
he even said semiconductors. With the pharmaceuticals he has talked
about two hundred percent, he says that that would potentially
be phased in over a year, or at one point
(13:05):
he said a year and a half. The idea being
to try to get these companies, many of the big
ones which are in Europe, to move more of their
production into the United States. He seems to acknowledge that
that would take some time, but he doesn't have unlimited patients.
It's hard to know whether a year, a year and
a half is really enough. Two hundred percent would be
a huge increase, so that might be the leverage he's
(13:26):
trying to use to get them to the table.
Speaker 3 (13:28):
And speaking of unlimited patients, we're not seeing much of
that when it comes to FED Shair J. Powell and
interest rates. And now we're hearing more about how the
search process for a replacement is going, maybe even sooner
than expected.
Speaker 14 (13:42):
Yeah, it sounds like Scott Besson said the formal process
of starting to pick the next FED chair has already begun,
and Besson, of course has long been on the shortlist
for that. But President Trump's saying that he likes the
job best and is doing a Treasury, so he might
not really be the leading candidate at this point. One
(14:05):
person who we do think is probably the leading candidate
right now is Kevin Hassett, the head of the National
Economic Council and an advisor economic advisor who's been close
to Trump for really better part of a decade. At
this point, he seems to be perhaps in the pole position,
and Chris Waller, former Fed governor, also on that shortlist.
Speaker 2 (14:26):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (14:33):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (14:39):
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 (14:54):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (15:00):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it. In five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (15:13):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Dbreak
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