July 11, 2025 • 15 mins
On today's podcast:
1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.
2) Stocks rose as traders parsed a batch of corporate outlooks, with the S&P 500 hitting a record and approaching 6,300.
3) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
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 latest developments on global trade.
President Trump is threatening a thirty five percent tariff on
some Canadian goods. That's an increase from the current twenty
five percent rate and would take effect August first. But
as Bloomberg's Bill Ferries reports, the increase would not affect
goods that are shipped under the terms of the current
US Mexico Canada agreement.
Speaker 4 (00:35):
That might be a little misleading as a headline number.
I mean, our understanding of this is that it would
not apply to products or goods and services that are
already covered under this US MCA trade agreement with Mexico,
Canada and the US. So that's the majority of goods
traded between the US and Canada right there. So things
like energy as well are subject to a lower ten
(00:58):
percent tariff. In terms of thirty five percent, I think
we're going to need a lot more details from the
White House before that goes into place about which products,
But it doesn't look like that kind of broad swath
of tariffs across everything that comes south from Canada.
Speaker 5 (01:13):
And Bloomberg spil Ferries reports.
Speaker 3 (01:14):
President Trump's announcement on Canada came as he told NBC
News he's also eyeing blanket tariffs of fifteen to twenty
percent on most trading partners well Nathan.
Speaker 2 (01:24):
Vietnam is seeking to lower its tariff rate by the US.
Sources say the country's leadership was caught off guard by
President Trump's announcement last week of a twenty percent tariff.
Vietnam is pushing for a tariff in the ten to
fifteen percent range.
Speaker 3 (01:37):
And Karen Brazilian President Luis and Assio Lula de Silva
says his country can survive without trade with the US
and we'll look to other partners to replace America. In
a broadcast interview, Lula said Brazil's trade with the US
represents one point seven percent of its GDP and quoting here,
it's not like we can't survive without the US. Earlier
this week, President Trump threatened fifty percent tariffs against Brazilian imports.
Speaker 2 (02:02):
Meanwhile, Nathan tariffs on China remain in the spotlight. This morning,
Secretary of State Margo Rubio met his Chinese Counterpartwang Yi
and Malaysia. It's the first in person session between the
CHIU and a possible prelude to a presidential summit. The
US and China agreed in May to temporarily slash their
high tariffs imposed on each other.
Speaker 3 (02:23):
Now, when it comes to the impact tariffs will have
on inflation, Karen Federal Reserve Bank of Saint Louis President
Albertomusalem says it's too soon to tell.
Speaker 5 (02:32):
He spoke at an event in Saint Louis yesterday.
Speaker 6 (02:34):
The outlook for inflation that I have, in accordance with
what many private forecasters have, is for inflation to increase
going forward, mostly owing to tariffs, which may settle somewhere
between the low teens or the low twenties, depending entree Poulsy.
Speaker 3 (02:57):
Saint Louis FED President Alberto Mussalm says the tariff impact
on inflation has been mild so far, but he expects
it to show up more in data starting in June, July, August,
or September.
Speaker 2 (03:08):
Nathan President Trump says he plans to make a major
statement on Russia on Monday. In an interview with NBC News,
the President repeated as criticisms of Russian President Vladimir Putin
over his continued attacks in Ukraine. He says he expects
to send it to pass a tougher sanctions bill sponsored
by Republican Lindsey Grahm, though his option on whether to
(03:29):
use it. It's his option, though, on whether to use it,
and he says he's reached an agreement with NATO for
allies to buy US weapons that would then be sent
to Ukraine.
Speaker 3 (03:38):
To the latest Karen on the flood disaster in Texas,
President Trump plans to visit Hill Country today, where at
least one hundred and twenty people were killed in last
weekend's flash floods and more than one hundred and seventy
are still missing. Fredericksburg, Texas Fire Marshall Reagan Rapki says
more than two thousand local, state, and federal workers are
still searching for victims in Kerr County.
Speaker 7 (03:59):
And we have heavy e quest working and we're having
to dig through it by hand as well, just because
the machines can go through it.
Speaker 8 (04:05):
We have to be very methodical about what we're doing.
Speaker 3 (04:07):
It's Fredericksburg Fire Marshall Reagan Rabkey. President Trump's expected to
get an aerial tour of some of the hard hit
areas and meet with first responders and relatives of flood victims.
Texas's two Republican senators are expected to join the President
to board Air Force One.
Speaker 2 (04:21):
Let's turn to the markets now, Nathan, where futures are
lower as we close out the trading week. Yesterday, the
S and P five hundred closed at a record as
at nears the sixty three hundred level. Veronica Willis is
global investment strategist at Wills Fargo Bank.
Speaker 9 (04:35):
The market's seen a really impressive rally from those lows
earlier this year, maybe has gotten a little bit ahead
of itself. There's still some uncertainties related to trade. We've got,
you know, earning season coming up, which could start to
see some of those impacts around that uncertainty around prices
and uncertainty around tariffs.
Speaker 2 (04:55):
Wells Fargo Banks Veronica Willis. The S and P five
hundred is up almost seven percent so far this year.
Speaker 3 (05:01):
Now, while stocks have been reaching new heights, Karen So
has Bitcoin. It's trading at another all time high this
morning at about one hundred and eighteen thousand dollars per token.
Analysts say the rally's triggered a major unwinding of short positions,
with more than a billion dollars worth of bets against
bitcoin being liquidated. Investors have also poured a net one
point two billion dollars into bitcoin ETFs Nathan.
Speaker 2 (05:24):
In Europe, the UK economy shrank for eight second straight
month as companies and consumers struggle to bounce back from
the blow dealt by US tariffs and a raft of
tax increases grows. Domestic product declined one ten percent in May,
after contracting three tenths percent the previous month.
Speaker 3 (05:40):
And staying in Europe Karen. Shares of BP are up
two and a half percent. The oil giant says it
expects to report rising production and a strong result from
its oil trading business for the second quarter.
Speaker 2 (05:53):
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 Goodmore.
Speaker 10 (06:00):
Good Morning, Karen. A federal judge in New Hampshire has
blocked President Trump to move forward with his ban on
birthright citizenship. The Supreme Court determined federal judges could not
issue sweeping nationwide injunctions against many of President Trump's policies,
but the plaintiffs worked around that ruling by filing a
class action lawsuit on behalf of all children born in
(06:22):
the US after February twentieth. Cody Wafsei is the deputy
director of the ACLU's Immigrants' Rights Project and the lead
attorney on the class action lawsuit.
Speaker 7 (06:33):
So, no matter how much the Trump administration may dislike it,
they cannot break it, they cannot ignore it. It is
the right of every child born in this country.
Speaker 10 (06:43):
Palestinian activist Mackmoud Khalil's role in Columbia campus protests against
Israel led to his detention for over three months in
immigration jail. Now he's seeking twenty million dollars in damages
from the Trump administration. His lawyers filed to claim a lledging,
false imprisonment, and malicious prosecution after his March arrest by
(07:04):
federal agents. Khalil, a legal US resident, said he suffered
severe anguish in jail. The government has accused Khalil of
leading protests aligned with a moss but has not provided
any evidence of a link. New York City Mayor Eric
Adams campaign says he has raised more than a million
dollars for his re election effort in a single night
(07:26):
at a fundraiser in Manhattan. According to a person familiar
with the matter, Wednesday's fundraiser was attended by several hundred
people and more than eight hundred donated. Adams said the
passion against Zoron Memdani will ultimately propel him to win
a second term. Heard on Bloomberg yesterday, Adams once again
said that former New York Governor Andrew Cuomo, who is
(07:48):
also running as an independent, should drop out of the race.
Speaker 8 (07:52):
We both interacted, and I said you should step aside
for the good of this city.
Speaker 5 (07:57):
We both agreed the city.
Speaker 8 (07:59):
Were moving the wrong to deal direction under the primary winner,
and I think he should do the right thing.
Speaker 10 (08:03):
Global News twenty four hours a day and whenever you
want it with Bloomberg News. Now him Michael barrn, this
is Bloomberg Herron.
Speaker 2 (08:11):
All right, Michael barr thank you some time now for
the Bloomberry sports update. Here's John Stanshawer.
Speaker 5 (08:20):
John, Good morning, Good morning, Karen.
Speaker 8 (08:22):
Late in the Yankees game of Seattle at the stadium,
the question was not would the Yankees win, it was
would they get a hit? They did not have one
through seven innings against the Mariners, Brian Wooge as Chisholm
broke up the no hitter, and then he scored on
a sack fight and the shutout. And it got interesting
when John Carlos Stanton added a pinch at to on
homer and even more so were than Austin Wells out
(08:44):
two ron game time single bottom of the ninth inning,
they went to the tenth the one.
Speaker 5 (08:50):
High fly ball centerfield tagging wealty.
Speaker 3 (08:55):
The catch is made, Here comes vaulty, here's the throw,
here's the play.
Speaker 5 (08:59):
Peace say, Yankees win? What's set?
Speaker 2 (09:03):
Clive by Choge.
Speaker 8 (09:04):
Yankees win six five for no hit, No way, Yes
Network The call series sweep Yanks two games behind Toronto's.
They begin their finals series before the All Star Break
tennight at home against the Cubs the Metza in Kansas City,
Code I singa tonight comes off the injured list. The
Mets just got swept to the double letter in Baltimore
three to one and seven to three. They outrailed the
(09:25):
Phillies by a game and a half. The Red Sox,
with their seventh straight win on only four hits, would
beat Tampa Bay four to three. National has lost in
Saint Louis eight to one. The Wimbledon semifinals for the men,
American Taylor Fritz trying to upset the two time defending
champion Carlos Alcarez, and then it's the top Seedionix Center
against Novak Djokovic, who'll be playing his fifty second career
(09:47):
gran s Lam's semifinal. Max Lee Elia, who managed the
Cubs and Phillies, has died at eighty seven. It was
in nineteen eighty three, after fans got on his struggling
Cubs team, that Ilia delivered the greatest expletive phil Old
rant in history, twenty three f bombs. The Cubs only
played day games. Then an iliad noted, among many other things,
(10:07):
that eighty five percent of the population works in the
other fifteen GODA Cubs games Stash air on Bloomberg Sports, Karen.
Speaker 1 (10:14):
Nathan Coast to Coast on Bloomberg Radio nationwide on Serious
Exam and around the world on Bloomberg dot Com and
the Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 5 (10:27):
Good morning, I'm Nathan Hager.
Speaker 3 (10:28):
On a morning of trade threats rippling through the market
once again, President Trump says he could slap thirty five
percent tariffs on some Canadian goods, fifteen to twenty for
everyone else. And now Vietnam is saying it was caught
off guard with the twenty percent announcement that President Trump
made last week and is still working to get that
teriff right down. Here to work us through all the
(10:49):
latest trade headlines this morning, Bloomberg News Senior editor Bill Ferries, Bill,
where to start? I guess with the Canada announcement on
social media last night, how to take thirty five percent
tariff given that we are under a USMCA agreement still
good morning.
Speaker 4 (11:06):
Good morning, Nathan. Yeah, the thirty five percent number from
President Trump, that's a big headline number, but we still
aren't sure what the reality.
Speaker 5 (11:14):
Of that means.
Speaker 4 (11:15):
I mean, it does seem like from our reporting that
a lot of the products or the products that are
covered under that US MCA trade agreement are not going
to face that thirty five percent tariff. And frankly, that's
the that's the majority of goods that Canada is exporting
to the US. There's also just the big ticket items
like energy, for instance, is facing a ten percent tariff
(11:38):
that's likely to not change under this regime. So there's
a big question about exactly how many products will really
face that thirty five percent, but it is you know,
it's not good news for Canada at all, and it's
not good news for all these other countries out there
that are still waiting to get letters or still you know,
hurriedly trying to negotiate deals.
Speaker 3 (12:00):
Yeah, you have to wonder now what those negotiations are
going to look like when we've heard the report from
NBC News that the president's thinking about a fifteen to
twenty percent blanket tariff anyway, Yeah.
Speaker 4 (12:13):
And fifteen to twenty percent, you know, in comparison to
some of the numbers we saw on April second Liberation Day,
that might seem like relatively low numbers, but when you
keep in mind that, you know, the average US tariff
for years up till January was about two percent. You know,
fifteen to twenty percent is a significant increase and would
(12:36):
have a big impact on trading partners and the US economy.
So it remains to be seen if that's really what's
going to happen. But we have seen the President rolling
out these sometimes more than a dozen at a time,
these letters just going out naming a tariff rate. Now
they have till August first to perhaps try to work
that down, but that's a lot of work that would
(12:57):
have to get done in just less than three weeks.
Speaker 3 (13:00):
And along with the letters, we've seen the rollout so
far of just two framework agreements with the UK and Vietnam,
and now it seems like there are questions about whether
the Vietnam framework was really agreed to by both sides
the way they thought it was.
Speaker 4 (13:17):
Yeah, this is an exclusive from Bloomberg, but you know,
people who are familiar with how the negotiations were going
say Vietnamese officials were surprised by Trump's public announcement about
the deal and the twenty percent tariff. They had been
looking for something lower than that. And it was interesting
to note after Trump came out and said twenty percent
(13:38):
for Vietnam, the Vietnamese government really never confirmed that agreement
at all, and they basically deflected a lot of the
questions that got raised about it. So now it turns
that maybe they thought they were getting something else, or
we're still in talks for a better deal. So it'll
be interesting to see how that plays out after August
first as well.
Speaker 2 (13:57):
Well.
Speaker 3 (13:58):
But what does this tell you about all the negotiations
that have been going on, not just with Vietnam but
with Canada as well. They've been working for literally months
now to try to come to some kind of middle
between the US and Canada, and now we've got this
thirty five percent announcement.
Speaker 1 (14:15):
Yeah.
Speaker 4 (14:15):
I mean, at one point we were promised ninety deals
in ninety days, and we're so far off the mark
when it comes to that at this point, as you mentioned,
just two framework deals. It does seem that the President
doesn't have a lot of patience for maybe the complexity
of these trade agreements. Even Treasury Secretary Scott Bessen was
actually asked at a forum this week what the how
(14:38):
we would compare his two big bosses in his life,
George Soros and Donald Trump, and he said, well, they're
both very impatient when it comes to a high stakes deal.
I think we're seeing how that plays out with the
White House. Now.
Speaker 2 (14:51):
This is Bloombergy day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (14:58):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (15:04):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
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Speaker 5 (15:18):
Plus.
Speaker 3 (15:19):
Listen coast to coast on the Bloomberg Business App now
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Speaker 2 (15:24):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 5 (15:37):
And I'm Nathan Hager.
Speaker 3 (15:38):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
Ray
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 the latest developments on global trade.
President Trump is threatening a thirty five percent tariff on
some Canadian goods. That's an increase from the current twenty
five percent rate and would take effect August first. But
as Bloomberg's Bill Ferries reports, the increase would not affect
goods that are shipped under the terms of the current
US Mexico Canada agreement.
Speaker 4 (00:35):
That might be a little misleading as a headline number.
I mean, our understanding of this is that it would
not apply to products or goods and services that are
already covered under this US MCA trade agreement with Mexico,
Canada and the US. So that's the majority of goods
traded between the US and Canada right there. So things
like energy as well are subject to a lower ten
(00:58):
percent tariff. In terms of thirty five percent, I think
we're going to need a lot more details from the
White House before that goes into place about which products,
But it doesn't look like that kind of broad swath
of tariffs across everything that comes south from Canada.
Speaker 5 (01:13):
And Bloomberg spil Ferries reports.
Speaker 3 (01:14):
President Trump's announcement on Canada came as he told NBC
News he's also eyeing blanket tariffs of fifteen to twenty
percent on most trading partners well Nathan.
Speaker 2 (01:24):
Vietnam is seeking to lower its tariff rate by the US.
Sources say the country's leadership was caught off guard by
President Trump's announcement last week of a twenty percent tariff.
Vietnam is pushing for a tariff in the ten to
fifteen percent range.
Speaker 3 (01:37):
And Karen Brazilian President Luis and Assio Lula de Silva
says his country can survive without trade with the US
and we'll look to other partners to replace America. In
a broadcast interview, Lula said Brazil's trade with the US
represents one point seven percent of its GDP and quoting here,
it's not like we can't survive without the US. Earlier
this week, President Trump threatened fifty percent tariffs against Brazilian imports.
Speaker 2 (02:02):
Meanwhile, Nathan tariffs on China remain in the spotlight. This morning,
Secretary of State Margo Rubio met his Chinese Counterpartwang Yi
and Malaysia. It's the first in person session between the
CHIU and a possible prelude to a presidential summit. The
US and China agreed in May to temporarily slash their
high tariffs imposed on each other.
Speaker 3 (02:23):
Now, when it comes to the impact tariffs will have
on inflation, Karen Federal Reserve Bank of Saint Louis President
Albertomusalem says it's too soon to tell.
Speaker 5 (02:32):
He spoke at an event in Saint Louis yesterday.
Speaker 6 (02:34):
The outlook for inflation that I have, in accordance with
what many private forecasters have, is for inflation to increase
going forward, mostly owing to tariffs, which may settle somewhere
between the low teens or the low twenties, depending entree Poulsy.
Speaker 3 (02:57):
Saint Louis FED President Alberto Mussalm says the tariff impact
on inflation has been mild so far, but he expects
it to show up more in data starting in June, July, August,
or September.
Speaker 2 (03:08):
Nathan President Trump says he plans to make a major
statement on Russia on Monday. In an interview with NBC News,
the President repeated as criticisms of Russian President Vladimir Putin
over his continued attacks in Ukraine. He says he expects
to send it to pass a tougher sanctions bill sponsored
by Republican Lindsey Grahm, though his option on whether to
(03:29):
use it. It's his option, though, on whether to use it,
and he says he's reached an agreement with NATO for
allies to buy US weapons that would then be sent
to Ukraine.
Speaker 3 (03:38):
To the latest Karen on the flood disaster in Texas,
President Trump plans to visit Hill Country today, where at
least one hundred and twenty people were killed in last
weekend's flash floods and more than one hundred and seventy
are still missing. Fredericksburg, Texas Fire Marshall Reagan Rapki says
more than two thousand local, state, and federal workers are
still searching for victims in Kerr County.
Speaker 7 (03:59):
And we have heavy e quest working and we're having
to dig through it by hand as well, just because
the machines can go through it.
Speaker 8 (04:05):
We have to be very methodical about what we're doing.
Speaker 3 (04:07):
It's Fredericksburg Fire Marshall Reagan Rabkey. President Trump's expected to
get an aerial tour of some of the hard hit
areas and meet with first responders and relatives of flood victims.
Texas's two Republican senators are expected to join the President
to board Air Force One.
Speaker 2 (04:21):
Let's turn to the markets now, Nathan, where futures are
lower as we close out the trading week. Yesterday, the
S and P five hundred closed at a record as
at nears the sixty three hundred level. Veronica Willis is
global investment strategist at Wills Fargo Bank.
Speaker 9 (04:35):
The market's seen a really impressive rally from those lows
earlier this year, maybe has gotten a little bit ahead
of itself. There's still some uncertainties related to trade. We've got,
you know, earning season coming up, which could start to
see some of those impacts around that uncertainty around prices
and uncertainty around tariffs.
Speaker 2 (04:55):
Wells Fargo Banks Veronica Willis. The S and P five
hundred is up almost seven percent so far this year.
Speaker 3 (05:01):
Now, while stocks have been reaching new heights, Karen So
has Bitcoin. It's trading at another all time high this
morning at about one hundred and eighteen thousand dollars per token.
Analysts say the rally's triggered a major unwinding of short positions,
with more than a billion dollars worth of bets against
bitcoin being liquidated. Investors have also poured a net one
point two billion dollars into bitcoin ETFs Nathan.
Speaker 2 (05:24):
In Europe, the UK economy shrank for eight second straight
month as companies and consumers struggle to bounce back from
the blow dealt by US tariffs and a raft of
tax increases grows. Domestic product declined one ten percent in May,
after contracting three tenths percent the previous month.
Speaker 3 (05:40):
And staying in Europe Karen. Shares of BP are up
two and a half percent. The oil giant says it
expects to report rising production and a strong result from
its oil trading business for the second quarter.
Speaker 2 (05:53):
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 Goodmore.
Speaker 10 (06:00):
Good Morning, Karen. A federal judge in New Hampshire has
blocked President Trump to move forward with his ban on
birthright citizenship. The Supreme Court determined federal judges could not
issue sweeping nationwide injunctions against many of President Trump's policies,
but the plaintiffs worked around that ruling by filing a
class action lawsuit on behalf of all children born in
(06:22):
the US after February twentieth. Cody Wafsei is the deputy
director of the ACLU's Immigrants' Rights Project and the lead
attorney on the class action lawsuit.
Speaker 7 (06:33):
So, no matter how much the Trump administration may dislike it,
they cannot break it, they cannot ignore it. It is
the right of every child born in this country.
Speaker 10 (06:43):
Palestinian activist Mackmoud Khalil's role in Columbia campus protests against
Israel led to his detention for over three months in
immigration jail. Now he's seeking twenty million dollars in damages
from the Trump administration. His lawyers filed to claim a lledging,
false imprisonment, and malicious prosecution after his March arrest by
(07:04):
federal agents. Khalil, a legal US resident, said he suffered
severe anguish in jail. The government has accused Khalil of
leading protests aligned with a moss but has not provided
any evidence of a link. New York City Mayor Eric
Adams campaign says he has raised more than a million
dollars for his re election effort in a single night
(07:26):
at a fundraiser in Manhattan. According to a person familiar
with the matter, Wednesday's fundraiser was attended by several hundred
people and more than eight hundred donated. Adams said the
passion against Zoron Memdani will ultimately propel him to win
a second term. Heard on Bloomberg yesterday, Adams once again
said that former New York Governor Andrew Cuomo, who is
(07:48):
also running as an independent, should drop out of the race.
Speaker 8 (07:52):
We both interacted, and I said you should step aside
for the good of this city.
Speaker 5 (07:57):
We both agreed the city.
Speaker 8 (07:59):
Were moving the wrong to deal direction under the primary winner,
and I think he should do the right thing.
Speaker 10 (08:03):
Global News twenty four hours a day and whenever you
want it with Bloomberg News. Now him Michael barrn, this
is Bloomberg Herron.
Speaker 2 (08:11):
All right, Michael barr thank you some time now for
the Bloomberry sports update. Here's John Stanshawer.
Speaker 5 (08:20):
John, Good morning, Good morning, Karen.
Speaker 8 (08:22):
Late in the Yankees game of Seattle at the stadium,
the question was not would the Yankees win, it was
would they get a hit? They did not have one
through seven innings against the Mariners, Brian Wooge as Chisholm
broke up the no hitter, and then he scored on
a sack fight and the shutout. And it got interesting
when John Carlos Stanton added a pinch at to on
homer and even more so were than Austin Wells out
(08:44):
two ron game time single bottom of the ninth inning,
they went to the tenth the one.
Speaker 5 (08:50):
High fly ball centerfield tagging wealty.
Speaker 3 (08:55):
The catch is made, Here comes vaulty, here's the throw,
here's the play.
Speaker 5 (08:59):
Peace say, Yankees win? What's set?
Speaker 2 (09:03):
Clive by Choge.
Speaker 8 (09:04):
Yankees win six five for no hit, No way, Yes
Network The call series sweep Yanks two games behind Toronto's.
They begin their finals series before the All Star Break
tennight at home against the Cubs the Metza in Kansas City,
Code I singa tonight comes off the injured list. The
Mets just got swept to the double letter in Baltimore
three to one and seven to three. They outrailed the
(09:25):
Phillies by a game and a half. The Red Sox,
with their seventh straight win on only four hits, would
beat Tampa Bay four to three. National has lost in
Saint Louis eight to one. The Wimbledon semifinals for the men,
American Taylor Fritz trying to upset the two time defending
champion Carlos Alcarez, and then it's the top Seedionix Center
against Novak Djokovic, who'll be playing his fifty second career
(09:47):
gran s Lam's semifinal. Max Lee Elia, who managed the
Cubs and Phillies, has died at eighty seven. It was
in nineteen eighty three, after fans got on his struggling
Cubs team, that Ilia delivered the greatest expletive phil Old
rant in history, twenty three f bombs. The Cubs only
played day games. Then an iliad noted, among many other things,
(10:07):
that eighty five percent of the population works in the
other fifteen GODA Cubs games Stash air on Bloomberg Sports, Karen.
Speaker 1 (10:14):
Nathan Coast to Coast on Bloomberg Radio nationwide on Serious
Exam and around the world on Bloomberg dot Com and
the Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 5 (10:27):
Good morning, I'm Nathan Hager.
Speaker 3 (10:28):
On a morning of trade threats rippling through the market
once again, President Trump says he could slap thirty five
percent tariffs on some Canadian goods, fifteen to twenty for
everyone else. And now Vietnam is saying it was caught
off guard with the twenty percent announcement that President Trump
made last week and is still working to get that
teriff right down. Here to work us through all the
(10:49):
latest trade headlines this morning, Bloomberg News Senior editor Bill Ferries, Bill,
where to start? I guess with the Canada announcement on
social media last night, how to take thirty five percent
tariff given that we are under a USMCA agreement still
good morning.
Speaker 4 (11:06):
Good morning, Nathan. Yeah, the thirty five percent number from
President Trump, that's a big headline number, but we still
aren't sure what the reality.
Speaker 5 (11:14):
Of that means.
Speaker 4 (11:15):
I mean, it does seem like from our reporting that
a lot of the products or the products that are
covered under that US MCA trade agreement are not going
to face that thirty five percent tariff. And frankly, that's
the that's the majority of goods that Canada is exporting
to the US. There's also just the big ticket items
like energy, for instance, is facing a ten percent tariff
(11:38):
that's likely to not change under this regime. So there's
a big question about exactly how many products will really
face that thirty five percent, but it is you know,
it's not good news for Canada at all, and it's
not good news for all these other countries out there
that are still waiting to get letters or still you know,
hurriedly trying to negotiate deals.
Speaker 3 (12:00):
Yeah, you have to wonder now what those negotiations are
going to look like when we've heard the report from
NBC News that the president's thinking about a fifteen to
twenty percent blanket tariff anyway, Yeah.
Speaker 4 (12:13):
And fifteen to twenty percent, you know, in comparison to
some of the numbers we saw on April second Liberation Day,
that might seem like relatively low numbers, but when you
keep in mind that, you know, the average US tariff
for years up till January was about two percent. You know,
fifteen to twenty percent is a significant increase and would
(12:36):
have a big impact on trading partners and the US economy.
So it remains to be seen if that's really what's
going to happen. But we have seen the President rolling
out these sometimes more than a dozen at a time,
these letters just going out naming a tariff rate. Now
they have till August first to perhaps try to work
that down, but that's a lot of work that would
(12:57):
have to get done in just less than three weeks.
Speaker 3 (13:00):
And along with the letters, we've seen the rollout so
far of just two framework agreements with the UK and Vietnam,
and now it seems like there are questions about whether
the Vietnam framework was really agreed to by both sides
the way they thought it was.
Speaker 4 (13:17):
Yeah, this is an exclusive from Bloomberg, but you know,
people who are familiar with how the negotiations were going
say Vietnamese officials were surprised by Trump's public announcement about
the deal and the twenty percent tariff. They had been
looking for something lower than that. And it was interesting
to note after Trump came out and said twenty percent
(13:38):
for Vietnam, the Vietnamese government really never confirmed that agreement
at all, and they basically deflected a lot of the
questions that got raised about it. So now it turns
that maybe they thought they were getting something else, or
we're still in talks for a better deal. So it'll
be interesting to see how that plays out after August
first as well.
Speaker 2 (13:57):
Well.
Speaker 3 (13:58):
But what does this tell you about all the negotiations
that have been going on, not just with Vietnam but
with Canada as well. They've been working for literally months
now to try to come to some kind of middle
between the US and Canada, and now we've got this
thirty five percent announcement.
Speaker 1 (14:15):
Yeah.
Speaker 4 (14:15):
I mean, at one point we were promised ninety deals
in ninety days, and we're so far off the mark
when it comes to that at this point, as you mentioned,
just two framework deals. It does seem that the President
doesn't have a lot of patience for maybe the complexity
of these trade agreements. Even Treasury Secretary Scott Bessen was
actually asked at a forum this week what the how
(14:38):
we would compare his two big bosses in his life,
George Soros and Donald Trump, and he said, well, they're
both very impatient when it comes to a high stakes deal.
I think we're seeing how that plays out with the
White House. Now.
Speaker 2 (14:51):
This is Bloombergy day Break, your morning podcast on the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (14:58):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (15:04):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 5 (15:18):
Plus.
Speaker 3 (15:19):
Listen coast to coast on the Bloomberg Business App now
with Apple CarPlay and Android Atuto interfaces.
Speaker 2 (15:24):
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 5 (15:37):
And I'm Nathan Hager.
Speaker 3 (15:38):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Day
Ray
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