August 1, 2025 • 6 mins
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Speaker 1 (00:00):
News when you want it with Bloomberg News Now, I'm
Lizzie Burden.
Speaker 2 (00:04):
And I'm Stephen Carroll.
Speaker 1 (00:05):
US President Donald Trump is pushing ahead with his global
trade offensive, confirming a ten percent minimum global tariff and
higher rates for dozens of countries. The levees, many of
which were first announced in April, will come into effect
in a week. From a US trade negotiator, Stephen Olsen says,
it is a major moment.
Speaker 3 (00:23):
What President Trump has done here is basically to have
fundamentally rewritten rules by which we've been conducting global trade
since the end of the Second World War. Instead of
a system in which countries are playing the game of
trade by a mutually a greed set of rules and
working constructively to reduce tariff and non tariff barriers, the
(00:45):
rule book, for all intents and purposes, has been thrown
out the window by the United States.
Speaker 1 (00:49):
Also added that he's still waiting to see more details
as many countries are still trying to sign deals and
negotiate After the US president's deadline, which passed without the
fanfare of Trump's April tariff rollout, Imports from about forty
countries will face a fifteen percent rate and roughly a
dozen economies products will be hit with even higher duties.
(01:10):
Switzerland is one of the worst affected, with a thirty
nine percent levy. The Swiss government has expressed great regret
at the announcement, saying that the new tariff rate differs
significantly from a draft framework that the countries had been negotiating.
Taiwan has described its twenty percent duty as temporary and
says it expects a reduction after talks.
Speaker 2 (01:29):
The tariff rollout has also underlined how the US president
is using trades to pressure countries politically. Some of the
major shifts from April's rates are countries facing Donald Trump's
aire injury. India has been hit with a twenty five
percent tariff after at tax over its membership of the
Bricks Group and before the midnight deadline. The US President
was asked about his social media post saying Canada backing
(01:49):
statehood for Palestine would make it very hard for them
to get a US trade deal.
Speaker 1 (01:54):
That's your opinion.
Speaker 4 (01:55):
I didn't like that.
Speaker 3 (01:56):
Not a deal breaker, but we haven't spoken to Canada.
Today He's called and we'll we'll see.
Speaker 2 (02:03):
President Trump later announcedate thirty five percent tariff for Canadian
imports not covered by the USMCA trade agreement.
Speaker 1 (02:10):
Bloomberg Economics forecasts that the new trade regime will cut
USGDP by one point eight percent and lift core prices
by one point one percent over a period of two
to three years. They say that the full details of
the new levees will increase the average US tariff rate
from two point three percent last year to fifteen point
two percent when the new measures take effect next week.
(02:32):
A global stock sell off extended to a sixth day
on the news has growing concerned about economic growth as
starting to overshadow AI driven optimism.
Speaker 2 (02:40):
Traders are bracing for an influx of copper into warehouses
for the London Metal Exchange. President Trump's decision not to
tariff the main traded form of the metal is sparked
a race for LM storage space. It comes after traders
had for months shipped copper to the US and built
up stockpiles to capture sharply higher prices.
Speaker 1 (02:59):
A gauge of US inflation increased in June at one
of the fastest paces of the year, while consumer spending
barely rose. The core Personal Consumption Expenditure Index PCE rose
zero point three percent from May and two point eight
percent on an annual basis. Meanwhile, in inflation adjusted consumer
spending just edged up last month after declining in May.
(03:19):
Lail Brainard, who's former director of the National Economic Council,
says the figures are concerning.
Speaker 4 (03:24):
We've already seen substantial slowing in the second quarter in
terms of underlying private domestic final demand. Consumers look like
they are feeling a little bit cautious. We can see
that even in today's personal consumption expenditures data, which really
(03:45):
was very modest growth. So yes, I do believe there's
some risk.
Speaker 1 (03:50):
Mail brain On speaking that the US jobs dataughout later
today could be pivotal, with many watching for signs of
weakness in the labor market.
Speaker 2 (03:58):
Apple reporters it's fastest quarterly revenue growth in more than
three years, surpassing Wall Street estimates after demand picked up
for its iPhone and products in China. The tech giant
reported sales up by nine point six percent to ninety
four billion dollars in its third quarter, as CEO Tim
Cook hailed an acceleration of growth around the world. Our
(04:18):
chief technology correspondent Mark German says that while US tariffs
have increased Apple's business costs. They've also had a positive
effect on sales.
Speaker 5 (04:26):
Revenue growth of over one thousand percent in some stores
because people were flooding the stores to buy phones because
they thought the prices were going to shoot up. There
were these completely baseless headlines on social media saying the
iPhone's going to cost three thousand dollars, a US phone's
going to cost one hundred thousand dollars. All these complete
nonsense headlines.
Speaker 2 (04:46):
That helped Apple out a lot.
Speaker 5 (04:47):
We'll see what this means in the quarters to come,
but at least for this June quarter, the proof is
in the pudding.
Speaker 2 (04:53):
Bloomberg's Mark German was speaking as Apple told analysts it's
open to further acquisitions and is looking to increase invent
Smint and AI and pre market trading on Wall Street,
Apple shares are up by two percent.
Speaker 1 (05:04):
And the UK's business leaders are feeling pessimistic about the economy.
In fact, new data shows that current sentiment has fallen
to even lower levels than during the pandemic. Bloomberg's t
were at a bio has more.
Speaker 6 (05:16):
During the coronavirus pandemic, the country shut down, experiencing multiple
periods of complete lockdown, but still British executives felt more
confident about the UK's economic prospects than they do now.
A new survey from the Institute of Directors showed their
measure of economic confidence plunged to minus seventy two in July.
(05:37):
That's worse and the minus sixty nine recorded in April
twenty twenty after the UK first went into COVID lockdown.
That survey may concern Prime Minister Keir Starmer, whose Labour
government has put economic growth at the heart of its mission.
In London, t were at a bio Bloomberg Radio.
Speaker 2 (05:55):
Those are your top stories on the markets. The stock
six hundred down one point one percent, the Kaca one
and a half percent lower, the Dack's down by one
and a half percent as well. The foot Tea one
hundred is down seven tenths of per one percent. Looking
at the currency markets, we're seeing the Swiss franc four
tenths weaker against the Euro and the dollar this morning.
And just in individual shares. With watching pre market on
(06:17):
Wall Street, Amazon down over seven percent, SMP minifeatures are
eight tents lower, nasdak features down by nine tens of
one percent.
Speaker 1 (06:24):
That's news when you want it with Bloomberg News Now.
I'm Lizzie Burden, and I'm
Speaker 2 (06:28):
Stephen Carroll, and this is Bloomberg
News when you want it with Bloomberg News Now, I'm
Lizzie Burden.
Speaker 2 (00:04):
And I'm Stephen Carroll.
Speaker 1 (00:05):
US President Donald Trump is pushing ahead with his global
trade offensive, confirming a ten percent minimum global tariff and
higher rates for dozens of countries. The levees, many of
which were first announced in April, will come into effect
in a week. From a US trade negotiator, Stephen Olsen says,
it is a major moment.
Speaker 3 (00:23):
What President Trump has done here is basically to have
fundamentally rewritten rules by which we've been conducting global trade
since the end of the Second World War. Instead of
a system in which countries are playing the game of
trade by a mutually a greed set of rules and
working constructively to reduce tariff and non tariff barriers, the
(00:45):
rule book, for all intents and purposes, has been thrown
out the window by the United States.
Speaker 1 (00:49):
Also added that he's still waiting to see more details
as many countries are still trying to sign deals and
negotiate After the US president's deadline, which passed without the
fanfare of Trump's April tariff rollout, Imports from about forty
countries will face a fifteen percent rate and roughly a
dozen economies products will be hit with even higher duties.
(01:10):
Switzerland is one of the worst affected, with a thirty
nine percent levy. The Swiss government has expressed great regret
at the announcement, saying that the new tariff rate differs
significantly from a draft framework that the countries had been negotiating.
Taiwan has described its twenty percent duty as temporary and
says it expects a reduction after talks.
Speaker 2 (01:29):
The tariff rollout has also underlined how the US president
is using trades to pressure countries politically. Some of the
major shifts from April's rates are countries facing Donald Trump's
aire injury. India has been hit with a twenty five
percent tariff after at tax over its membership of the
Bricks Group and before the midnight deadline. The US President
was asked about his social media post saying Canada backing
(01:49):
statehood for Palestine would make it very hard for them
to get a US trade deal.
Speaker 1 (01:54):
That's your opinion.
Speaker 4 (01:55):
I didn't like that.
Speaker 3 (01:56):
Not a deal breaker, but we haven't spoken to Canada.
Today He's called and we'll we'll see.
Speaker 2 (02:03):
President Trump later announcedate thirty five percent tariff for Canadian
imports not covered by the USMCA trade agreement.
Speaker 1 (02:10):
Bloomberg Economics forecasts that the new trade regime will cut
USGDP by one point eight percent and lift core prices
by one point one percent over a period of two
to three years. They say that the full details of
the new levees will increase the average US tariff rate
from two point three percent last year to fifteen point
two percent when the new measures take effect next week.
(02:32):
A global stock sell off extended to a sixth day
on the news has growing concerned about economic growth as
starting to overshadow AI driven optimism.
Speaker 2 (02:40):
Traders are bracing for an influx of copper into warehouses
for the London Metal Exchange. President Trump's decision not to
tariff the main traded form of the metal is sparked
a race for LM storage space. It comes after traders
had for months shipped copper to the US and built
up stockpiles to capture sharply higher prices.
Speaker 1 (02:59):
A gauge of US inflation increased in June at one
of the fastest paces of the year, while consumer spending
barely rose. The core Personal Consumption Expenditure Index PCE rose
zero point three percent from May and two point eight
percent on an annual basis. Meanwhile, in inflation adjusted consumer
spending just edged up last month after declining in May.
(03:19):
Lail Brainard, who's former director of the National Economic Council,
says the figures are concerning.
Speaker 4 (03:24):
We've already seen substantial slowing in the second quarter in
terms of underlying private domestic final demand. Consumers look like
they are feeling a little bit cautious. We can see
that even in today's personal consumption expenditures data, which really
(03:45):
was very modest growth. So yes, I do believe there's
some risk.
Speaker 1 (03:50):
Mail brain On speaking that the US jobs dataughout later
today could be pivotal, with many watching for signs of
weakness in the labor market.
Speaker 2 (03:58):
Apple reporters it's fastest quarterly revenue growth in more than
three years, surpassing Wall Street estimates after demand picked up
for its iPhone and products in China. The tech giant
reported sales up by nine point six percent to ninety
four billion dollars in its third quarter, as CEO Tim
Cook hailed an acceleration of growth around the world. Our
(04:18):
chief technology correspondent Mark German says that while US tariffs
have increased Apple's business costs. They've also had a positive
effect on sales.
Speaker 5 (04:26):
Revenue growth of over one thousand percent in some stores
because people were flooding the stores to buy phones because
they thought the prices were going to shoot up. There
were these completely baseless headlines on social media saying the
iPhone's going to cost three thousand dollars, a US phone's
going to cost one hundred thousand dollars. All these complete
nonsense headlines.
Speaker 2 (04:46):
That helped Apple out a lot.
Speaker 5 (04:47):
We'll see what this means in the quarters to come,
but at least for this June quarter, the proof is
in the pudding.
Speaker 2 (04:53):
Bloomberg's Mark German was speaking as Apple told analysts it's
open to further acquisitions and is looking to increase invent
Smint and AI and pre market trading on Wall Street,
Apple shares are up by two percent.
Speaker 1 (05:04):
And the UK's business leaders are feeling pessimistic about the economy.
In fact, new data shows that current sentiment has fallen
to even lower levels than during the pandemic. Bloomberg's t
were at a bio has more.
Speaker 6 (05:16):
During the coronavirus pandemic, the country shut down, experiencing multiple
periods of complete lockdown, but still British executives felt more
confident about the UK's economic prospects than they do now.
A new survey from the Institute of Directors showed their
measure of economic confidence plunged to minus seventy two in July.
(05:37):
That's worse and the minus sixty nine recorded in April
twenty twenty after the UK first went into COVID lockdown.
That survey may concern Prime Minister Keir Starmer, whose Labour
government has put economic growth at the heart of its mission.
In London, t were at a bio Bloomberg Radio.
Speaker 2 (05:55):
Those are your top stories on the markets. The stock
six hundred down one point one percent, the Kaca one
and a half percent lower, the Dack's down by one
and a half percent as well. The foot Tea one
hundred is down seven tenths of per one percent. Looking
at the currency markets, we're seeing the Swiss franc four
tenths weaker against the Euro and the dollar this morning.
And just in individual shares. With watching pre market on
(06:17):
Wall Street, Amazon down over seven percent, SMP minifeatures are
eight tents lower, nasdak features down by nine tens of
one percent.
Speaker 1 (06:24):
That's news when you want it with Bloomberg News Now.
I'm Lizzie Burden, and I'm
Speaker 2 (06:28):
Stephen Carroll, and this is Bloomberg
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