July 5, 2025 • 5 mins
Listen for the latest from Bloomberg News
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
News when you want it with Bloomberg News Now. I'm
Dan Schwartzman. President Trump celebrating the July fourth holiday at
the White House along with military families, officially signing the
newly passed Big Beautiful Bill, his signature tax and spending bill.
Trump gave some of the highlights.
Speaker 2 (00:15):
We're adding things like the biggest tax cut in the
history of our country, a child tax credits. So many
things are being added that we wouldn't even have time
to discuss them.
Speaker 1 (00:27):
The President was also optimistic about the future of the
United States.
Speaker 2 (00:31):
The golden age of America is upon us. We are
in the Golden Age. It's going to be a period
of time the likes of which I don't think this
country has ever experienced before. We're going to make America
great again, and it's happening very fast.
Speaker 1 (00:44):
That's President Trump speaking before signing his Big Beautiful Bill.
Texas suffering heavy range with the death toll now increased
to twenty four people, with more than twenty girls at
a summer camp still on accounted for. With search teams
conducting search and rescue. At least ten inches of rain,
which would be equivalent to months worth of rain, fell
over night in Kirk County, leading to flash flooding. Oil
(01:05):
prices fell for second straight day as OPEC plus delegates
say that Cartel is considering increasing production by more than
a half a million bows per day by September, despite
the price of old dropping by close to nine dollars
per barrel in just the last few weeks. The move
will be made to reclaim market share from non OPECK
plus producers, despite the risk of a global oversupply that
could further lower prices. West Texas Intermediate slid below sixty
(01:28):
seven dollars a barrel. OPEK plus will be holding a
virtual meeting on Saturday. The New York Times reports that
Hamas responded positively to the latest truce proposal, which calls
for a sixty day ceasefire with Israel. The proposal calls
for a hostage for prisoner swap, as well as negotiations
leading to a permanent end to the war. Israel has
already agreed to the conditions for a temporary truce. President
(01:50):
Trump has been exerting pressure on both sides and the war,
and has called this proposal a final One. US Ambassador
to Canada, Pete Hoakshrest says he is optimistic about trade
talk between the two countries and believes the fair deal
will emerge soon. Both President Trump and Canadian Prime Minister
Mark Carney have agreed on a July twenty first deadline
to reach an agreement with hoax for confident that a
(02:10):
deal will be reached, making both countries stronger and better off.
While the US and Canada have an existing trade pact,
the Trump administration placed import taxes on Canadian products, leading
Canada to post counter tariffs on US manufactured items. President
Trump says the US is starting to notify trading partners
of new tariffs on their exports effective August first. Trump
(02:31):
stated that around ten to twelve letters would go out,
with additional letters coming over the next few days. The
tariffs could range anywhere from ten to twenty percent all
the way up to sixty to seventy percent. New analysis
THO shows those tariffs could cost some US employers more
than eighty two billion dollars. Here's Bloomberg's Amy Morris.
Speaker 3 (02:48):
This latest report finds a critical group of US employers
would face direct costs from Trump's current tariff plans that
might be managed through price hikes, layoffs, hiring freezes, or
lower margins. The JP Morgan Chase Institute analysis is among
the first to measure the direct costs created by the
import taxes on businesses with ten million to one billion
(03:10):
dollars in annual revenue. This category includes a third of
private sector US workers. The retail and wholesale sectors would
be especially vulnerable to the Trump import taxes. Amy Morris Bloomberg.
Speaker 1 (03:22):
Radio reports also say that some European Union automakers are
looking for an agreement with the US that would allow
for tarafleief in return for increasing investments in the country.
Ukrainian President Vladimir Zelensky holding a phone call with President
Trump this morning after Trump spoke with Russian President Vladimir
Putin yesterday, after which Trump said he was quote very
disappointed by the conversation. The call with Zelenski happening hours
(03:45):
after Russia attacked Keiv with hundreds of missiles and drones overnight.
The US of Ukraine agreed to cooperate on air defense
during the phone call, with teams from both governments set
to meet the US this week, deciding to suspend the
transfer of artillery rounds and air defenses to US. Ukraine
claiming American stocks were low, a move that kot Zelenski's
government and European allies off guard. UPS plans to offer
(04:07):
voluntary buyouts to union represented delivery drivers for the first
time in the company's history. Bloomberg's Karen Moscow has more
is all part of.
Speaker 4 (04:15):
An effort to boost profit by slimming down its operations
drivers who receive a quote generous financial package if they
choose to leave UPS, in addition to any earned retirement
benefits including pension and healthcare. The Atlanta based couriers carrying
out a sweeping plan to shrink its network to improve
efficiency and response to a decline in parcel volumes. This
follows the pandemic driven boom and e commerce. UPS is
(04:38):
also navigating industry wide challenges posed by President Trump's tariffs,
which have complicated cross border good shipments and choked off
key global shipping lines. The union strongly criticize the initiative
as a quote corporate scheme that will directly violate the
union's national contract. Karen Moscow Bloomberg Radio.
Speaker 1 (04:56):
Joey Chester returned after a one year absence to the
Nathan's famous hot dog eating contesting Coney Island, New York,
downing seventy and a half dogs to win for the
seventeenth time, while Mickey Pseudo won the women's division for
an eleventh time after eating thirty three hot dogs. Chestnut
missed last year's competition after being in a contract dispute
with Major League Eating, which sanctions the event. That's news
(05:17):
when you want it with Bloomberg News. Now. I'm Dan Schwartzman,
and this is Bloomberg
News when you want it with Bloomberg News Now. I'm
Dan Schwartzman. President Trump celebrating the July fourth holiday at
the White House along with military families, officially signing the
newly passed Big Beautiful Bill, his signature tax and spending bill.
Trump gave some of the highlights.
Speaker 2 (00:15):
We're adding things like the biggest tax cut in the
history of our country, a child tax credits. So many
things are being added that we wouldn't even have time
to discuss them.
Speaker 1 (00:27):
The President was also optimistic about the future of the
United States.
Speaker 2 (00:31):
The golden age of America is upon us. We are
in the Golden Age. It's going to be a period
of time the likes of which I don't think this
country has ever experienced before. We're going to make America
great again, and it's happening very fast.
Speaker 1 (00:44):
That's President Trump speaking before signing his Big Beautiful Bill.
Texas suffering heavy range with the death toll now increased
to twenty four people, with more than twenty girls at
a summer camp still on accounted for. With search teams
conducting search and rescue. At least ten inches of rain,
which would be equivalent to months worth of rain, fell
over night in Kirk County, leading to flash flooding. Oil
(01:05):
prices fell for second straight day as OPEC plus delegates
say that Cartel is considering increasing production by more than
a half a million bows per day by September, despite
the price of old dropping by close to nine dollars
per barrel in just the last few weeks. The move
will be made to reclaim market share from non OPECK
plus producers, despite the risk of a global oversupply that
could further lower prices. West Texas Intermediate slid below sixty
(01:28):
seven dollars a barrel. OPEK plus will be holding a
virtual meeting on Saturday. The New York Times reports that
Hamas responded positively to the latest truce proposal, which calls
for a sixty day ceasefire with Israel. The proposal calls
for a hostage for prisoner swap, as well as negotiations
leading to a permanent end to the war. Israel has
already agreed to the conditions for a temporary truce. President
(01:50):
Trump has been exerting pressure on both sides and the war,
and has called this proposal a final One. US Ambassador
to Canada, Pete Hoakshrest says he is optimistic about trade
talk between the two countries and believes the fair deal
will emerge soon. Both President Trump and Canadian Prime Minister
Mark Carney have agreed on a July twenty first deadline
to reach an agreement with hoax for confident that a
(02:10):
deal will be reached, making both countries stronger and better off.
While the US and Canada have an existing trade pact,
the Trump administration placed import taxes on Canadian products, leading
Canada to post counter tariffs on US manufactured items. President
Trump says the US is starting to notify trading partners
of new tariffs on their exports effective August first. Trump
(02:31):
stated that around ten to twelve letters would go out,
with additional letters coming over the next few days. The
tariffs could range anywhere from ten to twenty percent all
the way up to sixty to seventy percent. New analysis
THO shows those tariffs could cost some US employers more
than eighty two billion dollars. Here's Bloomberg's Amy Morris.
Speaker 3 (02:48):
This latest report finds a critical group of US employers
would face direct costs from Trump's current tariff plans that
might be managed through price hikes, layoffs, hiring freezes, or
lower margins. The JP Morgan Chase Institute analysis is among
the first to measure the direct costs created by the
import taxes on businesses with ten million to one billion
(03:10):
dollars in annual revenue. This category includes a third of
private sector US workers. The retail and wholesale sectors would
be especially vulnerable to the Trump import taxes. Amy Morris Bloomberg.
Speaker 1 (03:22):
Radio reports also say that some European Union automakers are
looking for an agreement with the US that would allow
for tarafleief in return for increasing investments in the country.
Ukrainian President Vladimir Zelensky holding a phone call with President
Trump this morning after Trump spoke with Russian President Vladimir
Putin yesterday, after which Trump said he was quote very
disappointed by the conversation. The call with Zelenski happening hours
(03:45):
after Russia attacked Keiv with hundreds of missiles and drones overnight.
The US of Ukraine agreed to cooperate on air defense
during the phone call, with teams from both governments set
to meet the US this week, deciding to suspend the
transfer of artillery rounds and air defenses to US. Ukraine
claiming American stocks were low, a move that kot Zelenski's
government and European allies off guard. UPS plans to offer
(04:07):
voluntary buyouts to union represented delivery drivers for the first
time in the company's history. Bloomberg's Karen Moscow has more
is all part of.
Speaker 4 (04:15):
An effort to boost profit by slimming down its operations
drivers who receive a quote generous financial package if they
choose to leave UPS, in addition to any earned retirement
benefits including pension and healthcare. The Atlanta based couriers carrying
out a sweeping plan to shrink its network to improve
efficiency and response to a decline in parcel volumes. This
follows the pandemic driven boom and e commerce. UPS is
(04:38):
also navigating industry wide challenges posed by President Trump's tariffs,
which have complicated cross border good shipments and choked off
key global shipping lines. The union strongly criticize the initiative
as a quote corporate scheme that will directly violate the
union's national contract. Karen Moscow Bloomberg Radio.
Speaker 1 (04:56):
Joey Chester returned after a one year absence to the
Nathan's famous hot dog eating contesting Coney Island, New York,
downing seventy and a half dogs to win for the
seventeenth time, while Mickey Pseudo won the women's division for
an eleventh time after eating thirty three hot dogs. Chestnut
missed last year's competition after being in a contract dispute
with Major League Eating, which sanctions the event. That's news
(05:17):
when you want it with Bloomberg News. Now. I'm Dan Schwartzman,
and this is Bloomberg
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.