May 25, 2025: European Union Tariffs Delay, Trump Criticizes Putin, More

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Episode Transcript

Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug
Chrisner in the US. Last Friday, President Trump struck a
nerve with talk of a fifty percent tariff on imports
from the European Union effective June first. Trump said it
was in response to what he called unsatisfactory trade negotiations
with Brussels. Well, now the President says he's agreed to

(00:21):
extend that fifty percent tariff for the EU until July ninth.
Trump made the change after a phone call with European
Commissioned President Ursula vonder lyon Here is Bloomberg's Tony Chuccica.

Speaker 2 (00:33):
There's been this kind of merry go round with the
EU last week or last Friday. I believe it brought
a very sort of dark cloud over this huge economic
relationship when Trump said that tariffs would go up within
a week.

Speaker 1 (00:51):
That is Bloomberg's Tony Chucka. Now July ninth is the
same day that Trump's ninety day pause on those so
called reciprocal tariffs are set to end. We moved next
to the war in Ukraine for a third day. Prisoner
exchanges took place between Russia and Ukraine. After a second
night of deadly missile and drone strikes by Russia. Ukrainian

(01:12):
officials say at least twelve people were killed. President Trump
gave his reaction to the events when he spoke earlier
with reporters.

Speaker 3 (01:20):
I'm not happy with what Putin's doing. He's killing a
lot of people, and I don't know what the hell
happened to Putin. I've known him a long time, always
gotten along with him. But he's sending rockets into cities
and killing people, and I don't like it at all. Okay,
we're in the middle of talking and he's shooting rockets
into Kiev and other cities. I don't like it at all.

Speaker 1 (01:41):
President Trump, speaking earlier to reporters, He went on to
say that he's absolutely considering new sanctions against Russia as
a result of Moscow's missile attack on Ukraine. President Trump's
new tax bill is now in the hands of the
Senate after narrowly passing the House last week. Today, House
Speaker Mike Johnson said cuts in the bill will give

(02:01):
the American people historic savings. Here's Johnson speaking on CBS
Face the Nation.

Speaker 4 (02:08):
In the calculation here, there's more than one point five
trillion dollars in savings for the people. That's the largest
amount of biggest cut in government really in at least
thirty years, and if you adjust for inflation, probably the
largest in the history of government.

Speaker 1 (02:22):
House Speaker Mike Johnson there speaking to CBS Face the Nation. However,
some Senate Republicans are saying they will not vote for
the House version. Wisconsin Senator Ron Johnson says he's concerned
the bill does not address reducing the US fiscal deficit.
Here is Johnson on CNN State of the Union.

Speaker 5 (02:40):
One of my disappointments with what the House process is about.
The only number we've ever heard about was one point
five trillion, which sounds like a lot, but it's only
one hundred and fifty million dollars per year. And this
is put in context of the fact that in twenty
nineteen we spent four point four trillion. This year, we'll
spend over seven trillion dollars.

Speaker 1 (03:00):
Ron Johnson there the Wisconsin senators speaking to CNN State
of the Union. Today marks five years since the death
of George Floyd by Minneapolis police. Ben Crump was an
attorney for the Floyd family.

Speaker 6 (03:14):
History will record these moments, how we stood up for
our children. We spoke up for our children, and we
fought for our children to get equal justice fund and.

Speaker 1 (03:27):
Allowed Ben Crump their attorney for the family of George Floyd.
SoftBank founder Masayoshi's son has reportedly floated the idea of
creating a joint US Japan sovereign wealth fund. The aim
would be to make large scale investments in both tech
and infrastructure across the US. The Financial Times reports the
idea has been raised at very high political levels in

(03:49):
both Washington and Tokyo. Now, under the suggested fund structure,
the US Treasury and the Japanese Ministry of Finance would
be joint owners and operators of the fund, each with
a significant stake. Last Friday, President Trumps shocked markets and
announced a partnership between US Steel and Japan's Nipon Steel.

(04:10):
Trump said the partnership would create at least seventy thousand
jobs and add fourteen billion dollars to the American economy. Now,
the bulk of the investment would occur, according to Trump,
in the next fourteen months. Bloomberg Intelligence senior analyst Richard
Bork says the partnership could change the competitive landscape for
the American steel industry.

Speaker 7 (04:30):
Nippon world's third largest steel maker, and financial strength can
support US Steel. US Steel needs a lot of capital
spending to bring its assets up to par to compee
against Newhorn Steel Dynamics.

Speaker 1 (04:47):
Richard Bork there from Bloomberg Intelligence. And that is news
when you want it with Bloomberg News. Now, I'm Doug Chrisner,
and this is Bloomberg