July 5, 2025 • 5 mins
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Speaker 1 (00:00):
News when you want it with Bloomberg News Now, I'm
Monica Ricks. Devastating flash floods in central Texas have now
killed at least forty nine people, including fifteen children from
a local girls camp. Dozens more are still missing, and
Governor Greg Abbott says they won't give up looking.
Speaker 2 (00:17):
We will be relent this and going after and ensuring
that we locate every single person who's been a victim
of this flooding events.
Speaker 1 (00:30):
President Trump says federal aid is also coming.
Speaker 2 (00:33):
We're working with the governor, We're working with the go It's.
Speaker 1 (00:36):
A terrible thing. Rescuers have pulled hundreds of people from
the flood water so far, and it's not over, with
even more rain on the way. Cerville City Manager Dalton Rice, this.
Speaker 3 (00:45):
Was a massive tragedy, hands.
Speaker 1 (00:47):
Down, he says. Floods in that same part of Texas
swept away dozens of kids and teachers from a church
camp almost to the day on July seventeenth, nineteen eighty seven.
Ten teenagers died that year. The East Coast is also
bracing for severe weather now, including possible flooding. Sean Tall
is expected to make landfall over South Carolina tomorrow morning,
as a weak tropical storm with conditions worsening tonight along
(01:10):
the coast Elon. Musk just announced a new political party
on X called the America Party. He says he launched
it to quote, give you back your freedom. This comes
a day after President Trump signed his massive tax cut
and spending bill that Musk previously denounced since it ends
federal tax credits for electric vehicle purchases. Later this year,
Musk had threatened to start a new political party and
(01:33):
boost his political spending during mid terms to unseat any
lawmakers who voted for the bill. The US and Canada
could reach a new trade deal soon, details from Bloomberg's
Dan Schwartzman.
Speaker 3 (01:43):
US Ambassador to Canada, Pete Hoakstress says he is optimistic
about trade talks between the two countries and believes a
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 Hoaxtra confident that
a deal will be reached, making both countries stronger and
better off. While the US and Canada have an existing
(02:05):
trade pact, the Trump administration placed import taxes on Canadian products,
leading Canada to post counter tariffs on US manufactured items.
Dan Schwartzman Bloomberg Radio.
Speaker 1 (02:16):
Japan's chief trade negotiator held two phone meetings with US
Commerce Secretary Howard Lutnik today to discuss tariffs ahead of
President Trump's July ninth deadline. The two sides reaffirmed their
respective position on tariffs, with plans to continue coordinating, but
without an agreement soon. A ten percent across the board
levy on Japan's shipments to the US will revert back
to twenty four percent next week with additional tariffs on cars,
(02:39):
auto parts, steel, and aluminum. Bricks leaders are gearing up
to oppose a whole laundry list of President Trump's policies
and initiatives that they're gathering tomorrow in Brazil. More on
that from Bloomberg's Denise Pellegrini.
Speaker 4 (02:51):
In a draft statement, the Bricks Nations agreed to voice
serious concerns about the rise of unilateral tariff and non
tariff measures that they say distort trey and are inconsistent
with international trade rules. They also condemn economic sanctions and
criticize military strikes against Iran and the situation in the
occupied Palestinian territory. The leaders of Brazil, Russia, India, China,
(03:13):
South Africa, Iran and others also express alarm at the
increase in global military spending, and they say they backed
the Paris Climate Agreement and they're calling for global governance
of artificial intelligence. Denise Peligriden Blimberg Radio.
Speaker 1 (03:25):
Opek plus will increase oil production even more rapidly than
expected next month, as the group, led by Saudi Arabia
seeks to capitalize on strong summer demand. Key Alliance members
agreed to race supply by five hundred and forty eight
thousand barrels a day earlier today to help reclaim market share.
The Secret Service's Global Investigative Operations Center says it's now
(03:46):
training law enforcement in more than sixty countries to help
them combat digital crimes. Agency scammers target victims with fake
cryptocurrency investment sites and show initial profits to encourage more investments,
then disappear with the money for odd tied to digital
currencies now driving a majority of US Internet crime losses.
Despite signs of weakness, this week's jobs report takes pressure
(04:08):
off the federal reserve. Bloomberg's Charlie Pellett explains.
Speaker 5 (04:11):
According to the Bureau of Labor Statistics, US employers added
one hundred and forty seven thousand jobs last month, exceeding estimates,
while the unemployment rate take lower to four point one percent.
Despite solid headline numbers, the report masked weakness in private
payrolls and other potential warning signs of deterioration in the
labor market. The report gives the Federal Reserve room for
(04:34):
a wait and see approach to easing policy, with many
analysts expecting the Fed to wait until September to move
on interest rates. In New York, Charlie Pellet Bloomberg.
Speaker 1 (04:44):
Radio and if you're one of millions of people traveling
this holiday weekend, prepare for traffic at airports and on
the road tomorrow. TRIPAA reports Sunday is expected to be
the busiest travel day after it predicted that more than
seventy two million Americans would fly or hit the road
for the fourth And it's mostly because gas prices are down.
Right now, the average for a gallon of regular is
(05:06):
three dollars and fifteen cents, about forty cents cheaper than
last year. That's news when you want it with Bloomberg
News Now I'm Monica Rix, and this is Bloomberg.
News when you want it with Bloomberg News Now, I'm
Monica Ricks. Devastating flash floods in central Texas have now
killed at least forty nine people, including fifteen children from
a local girls camp. Dozens more are still missing, and
Governor Greg Abbott says they won't give up looking.
Speaker 2 (00:17):
We will be relent this and going after and ensuring
that we locate every single person who's been a victim
of this flooding events.
Speaker 1 (00:30):
President Trump says federal aid is also coming.
Speaker 2 (00:33):
We're working with the governor, We're working with the go It's.
Speaker 1 (00:36):
A terrible thing. Rescuers have pulled hundreds of people from
the flood water so far, and it's not over, with
even more rain on the way. Cerville City Manager Dalton Rice, this.
Speaker 3 (00:45):
Was a massive tragedy, hands.
Speaker 1 (00:47):
Down, he says. Floods in that same part of Texas
swept away dozens of kids and teachers from a church
camp almost to the day on July seventeenth, nineteen eighty seven.
Ten teenagers died that year. The East Coast is also
bracing for severe weather now, including possible flooding. Sean Tall
is expected to make landfall over South Carolina tomorrow morning,
as a weak tropical storm with conditions worsening tonight along
(01:10):
the coast Elon. Musk just announced a new political party
on X called the America Party. He says he launched
it to quote, give you back your freedom. This comes
a day after President Trump signed his massive tax cut
and spending bill that Musk previously denounced since it ends
federal tax credits for electric vehicle purchases. Later this year,
Musk had threatened to start a new political party and
(01:33):
boost his political spending during mid terms to unseat any
lawmakers who voted for the bill. The US and Canada
could reach a new trade deal soon, details from Bloomberg's
Dan Schwartzman.
Speaker 3 (01:43):
US Ambassador to Canada, Pete Hoakstress says he is optimistic
about trade talks between the two countries and believes a
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 Hoaxtra confident that
a deal will be reached, making both countries stronger and
better off. While the US and Canada have an existing
(02:05):
trade pact, the Trump administration placed import taxes on Canadian products,
leading Canada to post counter tariffs on US manufactured items.
Dan Schwartzman Bloomberg Radio.
Speaker 1 (02:16):
Japan's chief trade negotiator held two phone meetings with US
Commerce Secretary Howard Lutnik today to discuss tariffs ahead of
President Trump's July ninth deadline. The two sides reaffirmed their
respective position on tariffs, with plans to continue coordinating, but
without an agreement soon. A ten percent across the board
levy on Japan's shipments to the US will revert back
to twenty four percent next week with additional tariffs on cars,
(02:39):
auto parts, steel, and aluminum. Bricks leaders are gearing up
to oppose a whole laundry list of President Trump's policies
and initiatives that they're gathering tomorrow in Brazil. More on
that from Bloomberg's Denise Pellegrini.
Speaker 4 (02:51):
In a draft statement, the Bricks Nations agreed to voice
serious concerns about the rise of unilateral tariff and non
tariff measures that they say distort trey and are inconsistent
with international trade rules. They also condemn economic sanctions and
criticize military strikes against Iran and the situation in the
occupied Palestinian territory. The leaders of Brazil, Russia, India, China,
(03:13):
South Africa, Iran and others also express alarm at the
increase in global military spending, and they say they backed
the Paris Climate Agreement and they're calling for global governance
of artificial intelligence. Denise Peligriden Blimberg Radio.
Speaker 1 (03:25):
Opek plus will increase oil production even more rapidly than
expected next month, as the group, led by Saudi Arabia
seeks to capitalize on strong summer demand. Key Alliance members
agreed to race supply by five hundred and forty eight
thousand barrels a day earlier today to help reclaim market share.
The Secret Service's Global Investigative Operations Center says it's now
(03:46):
training law enforcement in more than sixty countries to help
them combat digital crimes. Agency scammers target victims with fake
cryptocurrency investment sites and show initial profits to encourage more investments,
then disappear with the money for odd tied to digital
currencies now driving a majority of US Internet crime losses.
Despite signs of weakness, this week's jobs report takes pressure
(04:08):
off the federal reserve. Bloomberg's Charlie Pellett explains.
Speaker 5 (04:11):
According to the Bureau of Labor Statistics, US employers added
one hundred and forty seven thousand jobs last month, exceeding estimates,
while the unemployment rate take lower to four point one percent.
Despite solid headline numbers, the report masked weakness in private
payrolls and other potential warning signs of deterioration in the
labor market. The report gives the Federal Reserve room for
(04:34):
a wait and see approach to easing policy, with many
analysts expecting the Fed to wait until September to move
on interest rates. In New York, Charlie Pellet Bloomberg.
Speaker 1 (04:44):
Radio and if you're one of millions of people traveling
this holiday weekend, prepare for traffic at airports and on
the road tomorrow. TRIPAA reports Sunday is expected to be
the busiest travel day after it predicted that more than
seventy two million Americans would fly or hit the road
for the fourth And it's mostly because gas prices are down.
Right now, the average for a gallon of regular is
(05:06):
three dollars and fifteen cents, about forty cents cheaper than
last year. That's news when you want it with Bloomberg
News Now I'm Monica Rix, and this is Bloomberg.
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