US-China Trade Talks and TikTok; Hochul Endorses Mamdani

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Karen, we begin this morning with the latest on US
China trade talks in Madrid. Treasury Secretary Scott Besson says
the White House has made good progress on technical details
with China. We get more from Bloomberg's Rosalind mathieson.
They had six hours of talks yesterday and then they
had a lower level technical talks continuing last night. So
there does seem to be a real impetus on both
sides to get towards a formal understanding on trade, because
that's all about paving the way for a meeting between
their leaders later this year. And you know, cgmping is
not going to agree to a meeting unless there's a
proper agreement that they can tout at the time. And
so the mood music from the US side, at least
what we're hearing this morning is pretty.
Good, and Bloomberg's ros mathis and reports Secretary best It
also said the US and China are very close to
resolving the TikTok issue. President Trump talked about TikTok before
he boarded Air Force one.
Negotiating TikTok right now, we may let it die or
we may I don't know. It depends up to China.
It doesn't matter too much. I'd like to do it
for the kids.
They like it.
I mean, selfishly speaking, I did very well in TikTok,
and I got the youth.
For TikTok, which is owned by China's Byte Dance, faces
a deadline this week to reach a deal to continue
operations in the US.
Meanwhile, Nathan As trade talks continued. China's market regulator says
a preliminary probe has found that Nvidia has violated anti
monopoly law and begin more with Bloomberg's Tom mackenzie.
Well Number one. It is interesting, of course, the timing,
because this happens as the talks of continuing between the
US and China im Madrid on trade, and no doubt
semiconductors in the chip industry will be part of that conversation.
Number two. It follows additional actions by China over the
last forty eight hours or so, including anti dumping measures
and further scrutiny of the sale of other chips into
the Chinese market. So it's a reminder that China is
signaling to the US that it has costs to play.
And as Bloomberg's Tom McKenzie and Vidia shares are down
more than two and a half percent in early trading and.
Karen, President Trump is also weighing in on the Federal
reserves highly anticipated rate decision this week. Policymakers are widely
expected to slash rates for the first time during the
Trump administration.
I think you have a big cut because I really
I don't think he can help with cutting. It's perfect
for cutting. And the thing that he's hurting ross is
housing for people. But because we're doing well and everything,
energy is way down, groceries are down, everything, almost everything
is way down. But housing because of the FED is
not what a shipper.
The FED makes its policy decision on Wednesday, stay tuned
for a special edition of Bloomberg's Surveillance on that day,
starting a one thirty pm All Street time on Bloomberg Radio,
Bloomberg Television, and the Bloomberg Podcast channel on YouTube.
Nathan. While most investors expect a quarter point rate cut
this week, former feder Reserve economist Claudius Salm says J.
Powell and company are in a tricky situation. She spoke
with Bloomberg surveillance.
The conversation and the and the rate decision is going
to hinge on the data and the FED are I mean,
they are grappling with a really tricky environment in the
inflation is inflation is too high? It is not, and
it's not moving towards the Fed's target right now. And
then you have employment that has really softened.
Former feder Reserve economists Claudius som Nos consumer prices rose
two point nine percent over the past year, the fastest
annual pace since January Karin.
The country continues to grapple with the killing of conservative
activist Charlie Kirk. Last night, the Trump administration held a
vigil for the Turning Point USA founder at the Kennedy Center.
Director of National Intelligence Vince Tulca Gabbard was there.
Charlie lived by the principle that no matter how horrible
another person's speech may be, their ideas must be defeated
by better ideas, not by resorting to violence.
President Trump was not at the vigil, but he says
he will attend Charlie Kirk's funeral next week and he
is continuing to blame the left for stoking political violence.
When you look at the agitators that you look at
the scum that speaks so badly of our country, the
American flag burnings all over the place, that's the left, that's.
Not the right.
Charlie Kirk was shot and killed last week at Utah
Valley University. Utah Governor Spencer Cox says the suspect, twenty
two year old Tyler Robinson, has a leftist ideology, but
Cox is taking a wider view on whom to blame.
I believe that social media has played a direct role
in every single assassination and assassination attempt that we have
seen over the last five six years. There is no
question in my mind that cancer probably isn't a strong
enough word.
Utah Governor Spencer Cox appeared on NBC's Meet the Press,
which you can hear every Sunday on Bloomberg Radio.
Well Ithan President Trump is against writtening to federalize Washington,
d C after his recent deployment of National Guard troops
in the nation's capital and a.
Trude social post. The President says.
D c's mayor Muriel Bowser has told the federal government
that local police will no longer cooperate with immigration and
customs enforcement. The President said that crime would come roaring
back if that were to happen, and if necessary, he'll
call a national emergency.
Turning to politics in New York City, now, Karen Democratic
mayoral nominee Zorn Mumdani has picked up a key endorsement,
and we get the details from Bloomberg's Gena Cervetti in Manhattan.
New York Governor Kathy Hokel is throwing her support behind
the thirty three year old front runner, whose candidacy has
not yet been fully embraced by members of his own party.
In an opinion piece published by The New York Times,
Hopel wrote that she and Mumdani will be we're lissen
confronting the President's extreme agenda, and that she is confident
Mam Donnie has the courage and urgency New York City needs.
The decision is a blow to incumbent Mayor Eric Adams
and former Governor Andrew Cuomo, both of whom are running
against Mom Donnie. A Democratic socialist, Mam Donnie campaigned on
sweeping affordability measures, including freezing rents for millions of New
Yorkers offering free childcare and establishing city run grocery stores.
President Donald Trump has frequently disparaged Mam Donnie, once calling
him a quote communist lunatic in New York Genus Cervetti
Bloomberg Radio.
Gina, thank you. Secretary of State Marco Rubio has arrived
in Israel as it intensifies attacks on northern Gaza. We
get more with Bloomberg's Jumana Borsecchi in the Middle East.
This was a trip that had been planned even before
that the hattack took place. Sexty of State Macarubio is
in Israel now it's part of a two day trip.
In anticipation of the trip, Macrubio said that he was
traveling there to seek answers on the path forward and
Gaza in light of last week's targeting of Hamas officials
in Doha, which of course have upended the mediation efforts
to broker the end of the war and achieve a ceasefire.
But it is a very obvious show of US support,
especially after the attack on Doha. Jew condemnation not just
from Arab countries but from countries all around the world.
And a Spoombergsyrmanda Percci, who adds, said Rubio plans to
reiterate the Trump administration support for defeating HAMAS and bringing
home the forty eight hostages held by the group in
the Gaza Strip. Time now for a look at some
of the other stories making news in New York and
around the world, and for that we're joined by Bloomberg's
Michael Barr.
Michael, Good Morning, Good morning, Karen. Could the Long Island
Railroad go on strike? Three of the five the Allied
Double R unions have voted to authorize a walk out
if contract negotiations fail. More workers will decide today on
a potential strike. It could start as early as Thursday
and impact two hundred and seventy thousand daily writers. This
comes as the Ryder Cup begins September twenty s It's
located at Black Course at Death Page State Park in Farmingdale,
New York. Republican Congressman Michael McCall of Texas says he
won't seek reelection in twenty twenty six. The former chair
of the Homeland Security and Foreign Relations committees spoke on
ABC's This Week.
It's been an honor to serve for over two decades
in the Congress.
I'm looking now for a new.
Challenge, Congressman McCall on ABC's This Week, which can be
heard Sundays on Bloomberg. With cold and flu season closing
in California, lawmakers over the weekend made a last minute
move to secure access to vaccines. A passed bill to
protect the state's vaccine regulations from federal interference. Legislators and
the medical community hope Governor Gavin Newsom will sign him.
Doctor Peter chen Hung, infectious disease expert at the University
of California, San Francisco.
It's really important to have this right now because Fox
scenes assault at the.
High levels, Doctor Peter chin Honk. Netflix's Adolescence dominated the
limited series categories with six victories, including Best Limited Series.
Stephen Colbert won the Emmy for Outstanding Talk Show for
The Late Show in its last season. During his acceptance
speech aired on CBS, Colbert said he tried to make
a show about love, but that it turned out to
be a show about loss my.
Friends, I have never loved my country more desperately. God
bless America, stay strong, be.
Brave, and if the elevator tries to bring you down,
go crazy and punch a higher for.
Whoa Geane Smart won Best Actress in the comedy for Hacks.
Global News twenty four hours a day and whenever you
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Bloomberg Carrot.
Well, thanks Michael. All time now for our Bloomberg Sports Update,
and for that we bring in John stash Hour.
Thanks againing the Super Bowl rematch at the same result
Philadelphia on in Kansas City, this time twenty to seventeen.
The Eagles are two and oh. The Chiefs were zero
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Stay with us more from Bloomberg Day Break coming up
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Coast to Coast on Bloomberg Radio nationwide on Sirius XM
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Bloomberg Business opp This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager. Treasury Secretary Scott Bess and
his touting progress with China and a second day of
talks in Madrid. He says they're very close to resolving
the TikTok issue, though other issues could be cropping up.
And joining us for the latest is Bloomberg's Jill Desis
following developments from Hong Kong this morning. Jill, what is
the latest when it comes to those discussions. We heard
a lot of talk about getting the TikTok issue resolved.
At the same time, there may be new complications when
it comes to what China is doing with Nvidia. Good morning, Yes,
that's right.
Good morning, Nathan. So, first of all, you know, on
these TikTok issues, we've got Bess in meeting with his
Chinese counterparts today in Madrid. Those talks are ongoing. We
may have more to hear from Bess and on those
in just a few hours from now, but ultimately he's
saying that the US and China, as you mentioned, are
very close. He did say that the Chinese side made
what he called an aggressive ask in talks. We're not
entirely sure what that was about, but I think does
just kind of stress that this is a bit of
a complicated matter here, and so I think there's likely
more to come on that front. Remember that there is
a deadline for a TikTok sale that the US has
imposed for Wednesday, although Trump has kind of floated the
idea that that may be something that's delayed. So I think,
you know, we'll have to see what the outcome of
these talks are. But as you mentioned, all of this
is really kind of brewing. As we've just heard that
China ruled that in Nvidia Corporation violated anti monopoly laws
with a really high profile twenty twenty deal, and so
I think that dropping Obviously, the timing is really really
interesting coming during the middle of these talks, and we've
yet to see whether that complicates things.
Yeah, it is interesting to see that come up just
now when we've also got new economic data coming out
of China that shows a pretty significant slow down continues
in that country. You've got to think there's got to
be some level of pressure on China to come to
some kind of middle with the US.
Yes, I do think that it kind of, you know,
brings that idea into question of, you know, how exactly
is China going to resolve some of these issues, because,
as you mentioned it, that China data, I mean really
poor investment data in particular, I think worst outside of
worse on record outside of just during the twenty twenty
coronavirus pandemic. So you're seeing some really poor numbers. They're
raising some expectations about whether or not China actually steps
in with some kind of stimulus. But when you've got
some of these unresolved issues with the United States, is
they're more on trade? You know, we do have Trump
just in recent days floating the idea of really hefty
tariffs on China because of its purchases of Russian energy.
So I think all of that really does kind of
enter the equation here. And ultimately what we're waiting for
is this prospect too of a potential meeting between Donald
Trump and Chinese President Chijinping that could come some time
within the next six weeks. But you do have to
wonder whether, you know, any kind of resolution on some
of these issues that the US and China are working
through whether that be TikTok now in Nvidia, maybe you know,
trade relations, whether that could potentially styin me those efforts
to bring Trump and Sheet to the table together.
Just thirty seconds left here, But as we're seeing signs
of our own economic slow down in the US, particularly
the labor market, these comments from President Trump saying he
expects a big cut from the Fed this week, what
could we be set up for?
Yeah, I mean, so you had, you know, President Donald
Trump is saying, I think you have to have a
big cut. That's a direct quote from Trump telling reporters
on Sunday he said, it's perfect for cutting. I think,
you know, obviously, the really really important thing to remember
here is that, you know, while Trump has obviously long
criticized Jerown Powell and the Federal Reserve over their progress
on cutting interest rates, the idea of some kind of
an outsized cut that's really far from median expectations right
now the media and US made from Bloomberg survey of
economists is for a twenty five basis point reduction. You know,
that's something that we're seeing price into markets. But you know,
I think that does just kind of hit at this
idea that I think Trump has you know, pretty aggressively
made known his feelings on the Federal Reserve, obviously has
tried to work to shape the Board of Governors more
in his favor. This to me is very classic Trump,
just continuing to appine on the Fed in a way
that we really have rarely seen with you know, with
the presidents before.
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