July 27, 2025: US-European Union Trade Agreement, Samsung to Produce Tesla Chips, More

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Episode Transcript

Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug Chrisner.
The US and the European Union have reached a trade deal.
Most European goods imported into the US will now face
a tariff of fifteen percent that would include automobiles. President
Trump spoke earlier to reporters alongside European Commission President Ursul Evanderleyan.

Speaker 2 (00:21):
So I just want to congratulate you.

Speaker 3 (00:23):
I think it's.

Speaker 2 (00:25):
I think it's great that we made a deal today
instead of playing games and maybe not making a deal
at all. I think it's I'm going to let you say,
but I think it's the biggest deal ever made.

Speaker 1 (00:35):
That is President Trump there now. Vonderline said the tariff
freight would be all inclusive. However, Trump said it did
not include pharmaceuticals and medals. He said the tariff on
steel and aluminum will stay the way it is at
fifty percent. As a part of this deal, the EU
agreed to purchase seven hundred and fifty billion dollars in
US energy and to invest six hundred billion dollars in

(00:58):
the US on top of existing and ve Trump also
said this deal will open up countries markets to trade
with the US at zero tariffs. Trump said the European
Union will also purchase vast amounts of military equipment separately.
Commer Secretary Howard Lutnik said a decision on semiconductors, which

(01:18):
like drugs, are subject to an ongoing investigation that opens
the door to separate tariffs, would be dealt with in
roughly two weeks. The US and China are reportedly expected
to extend their tariff truce by another ninety days. The
South China Morning Post reports the two countries will not
impose additional tariffs on each other during the extension. On Monday,

(01:40):
trade talks between US Treasury Secretary Scott Besant and Chinese
Vice Premier Huhli Fung are scheduled to start in Stockholm. Meantime, Today,
Commerce Secretary Howard Lutnik hinted that the future of Chinese
owned app TikTok may be a part of these talks.
Here's Lutnik speaking earlier to Fox News Sunday.

Speaker 4 (01:58):
The President really likes TikTok, and he said it over
and over again because you know, it was a good
way to communicate with young people. But let's face it,
you can't have the Chinese have an app on one
hundred million American phones. That is just not okay.

Speaker 1 (02:14):
That is Commerce Secretary Howard Lutnik, speaking earlier to Fox News.
Samsung Electronics will produce semiconductors for Tesla under a new
sixteen and a half billion dollar agreement. It's expected to
give Samsung a boost in its underperforming foundry division. Now,
Tesla already does business with Samsung's contract chip making division.

(02:34):
Bloomberg Intelligence says Samsung's new deal with Tesla could boost
foundry sales by ten percent annually. President Trump is raising
pressure on Chair J. Powell for a cut in the
Fed's policy rate ahead of this week's meeting. Today, White
House Budget Director Russell Vote double down on the President's
criticism of Powell. Vote spoke Sunday to CBS Face the nation.

Speaker 5 (02:57):
You have countries lowering rates, and yet we don't see
that in this country, given all of the positive economic
indicators that we're seeing, and then we have fiscal mismanagement
at the FED with regard to this building renovation.

Speaker 1 (03:09):
That's OMB Director Russell Vote, speaking earlier to CBS. This
week will be the busiest of the earning season. Over
forty percent of companies within the s and P five
hundred will report. The highlights include Microsoft and Meta platforms
on Wednesday. Amazon and Apple are due Thursday. Bloomberg's Charlie
Pella takes a closer look at what we may hear

(03:29):
from the Iphonemaker.

Speaker 6 (03:31):
Investors will be listening closely for any comments about Apple's
capital expenditures and investments in its AI strategy. Laura Martin
is a senior analyst.

Speaker 3 (03:40):
That Needum, so we really want to hear how they
think they can compete when they are saying nothing about
Jenerator AI and they're spending twelve billion dollars on capex,
which is the same number at Apple for the last
three years.

Speaker 6 (03:54):
Bloomberg Intelligence says services sales might increase eleven percent to
twenty six point nine billion dollars based on consensus, while
Apple's greater China revenue was seen rising for the first
time in two years in New York. Charlie Pellett Bloomberg Radio.

Speaker 1 (04:10):
We go to Michigan next, where authorities say at least
eleven people were injured in a stabbing on Saturday in
a Traverse City Walmart store. A forty two year old
male suspect is in custody. He was apprehended within minutes.
Here is Grand Travers County Sheriff Mike Shay.

Speaker 7 (04:27):
The suspect, who has been identified as forty two year
old Bradford James Gilly of Afton, Michigan, was arrested and
transported to Grand Trevis County Jail, where he will remain
pending formal charges in arraignment.

Speaker 1 (04:42):
That is Grand Travers County Sheriff Mike Shay speaking there now.
Gilly is believed to have acted alone. A spokesperson for
Walmart said the Traverse City store will continue working with
law enforcement for the duration of the investigation. And that
is news when you want it with Bloomberg News. Now,
I'm Doug prisoner and this is