Trump Tariff Deadline Nears; Trump Fed Governor Decision Soon

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 with the latest developments on trade. This morning,
Swiss President Karin Keller Sutter is on an emergency trip
to the United States, planning to meet with Secretary of
State Marco Rubio in an effort to lower the US
is thirty nine percent tariff on her country's goods. We
get more from Bloomberg News Senior editor Bill Ferries.
She's flying there basically without an invitation from the White House.
I'm sure she's hoping that she can meet with Rubio
and then continue over to sixteen hundred Pennsylvania and meet
with Trump. We'll see if that really happens. Anything lower
than thirty nine percent would be a win for Switzerland.
At this point, it's hard to know what they could offer.
They could look at buying more energy from the US.
They could look at making in estments the way countries
like Japan has. I think it's clear with this last
minute rush just how blind sided the Swiss government was
by that thirty nine percent tariff.
Bloomberg's Bill Ferry says that thirty nine percent tariff is
the highest rate on any developed nation and it is
set to take effect tomorrow now.
Nathan to the latest on the war in Ukraine. White
House Envoy Steve Witkoff is in Moscow, two days before
President Trump's August eighth deadline for Russia to reach a truce.
Russia's Interfacts News service reports Witcoff is meeting with Russian
President of Vladimir Putin. President Trump and threatened what he
calls secondary tariffs on buyers of Russian energy. He says
he hopes the economic blow will bring Putin to the table.
If energy goes down low enough, Putin's going to stop
killing people. That'll be nice, even though there are his
own people that are dying.
Him and Ukraine and President Trump spoke in an interview
with CNBC. Putin has said he won't stop the war,
but sources say the Kremlin might be will to stop
air strikes to avert any new economic penalties.
Well, Karen, President Trump maybe getting closer to naming a
successor to FED chair Jay Powell. In that same CNBC interview,
he said he has three or four names in mind,
but one of them is not Treasury Secretary Scott Bessant.
Well, I love Scott, but he wants to stay where
he is.
I will.
I'll take him off them because I asked him just
last night, is this something you want? Nope, I want
to stay where I am. He actually said, I want
to work with you. It's such an honor. I said,
that's very nice.
I appreciate that.
President Trump says, so'll make a decision on a replacement
for outgoing Fed Governor Adriana Kugler before the end of
the week.
Nathan Democratic and Republican lawmakers are escalating a fight over
redistricting that started in Texas and is now quickly spreading
across the country. President Trump has had a new congressional
map in Texas would add as many as five GOP
seats in the House next year. James Tella Rico, as
a Democratic congressman in Texas.
If the President wanted to campaign on his policies and
try to win base on the maps that we all
in twenty twenty one, that would be fine. That's how
this process is supposed to work. But that's not what's happening.
The President is trying to execute a power grab in
the state of Texas and we will not let him
cheat in order to hold onto power.
And Texas Democrat James Tellerico has spoke on Bloomberg's balance
of power Now. Other states are talking about redrawing their
own maps. Democrats in California are vowing to fight fire
with fire as they consider asking voters to override the
state's independent redistricting panel. New York Governor Kathy Hogel has
called for disbanding her state's redistricting committee, though any changes
wouldn't happen before the midterms, and Republicans in Missouri are
studying whether to copy the plan in Texas.
And when it comes to the race for New York
City Mayor Karen, former Governor Andrew Cuomo says either he
or current Mayor Eric Adams will need to drop out
of the race in order to defeat Queen's assemblymanz Or
and Mumdani. Cuomo spoke with Bloomberg surveillance.
Everyone is petrified about electing a socialist whose type police
and I think you get to mid September and that's
going to be the let's call it the drop dead
date where you're gonna have to win her down the
field or people will think there is no way to
beat the assemblymen.
For the full conversation with former New York Governor and
independent mayoral candidate Andrew Cuomo, head over to the Bloomberg
podcast page on YouTube.
Well, Nathan, there are plenty of new developments in the
Jeffrey Epstein cage. The House Overside Committee has subpoena the
Justice Department for the quote full complete, unredacted Epstein files.
Committee chair James Comer also sent subpoenas to Bill and
Hillary Clinton and former FBI Director James Comy, though is
unclear what they'd add to the case. Meanwhile, the disgrace
financier's accomplice, Gallainne Maxwell, is fighting to keep the grandeury
testimony in her case from going public. She was moved
to a minimum security prison last week after meeting with
Deputy Attorney General Todd Blanche. President Trump says he does
not know anything about that.
Todd Blanche is one of the most highly respected people
you'll ever meet, so I know this. I didn't discuss
it with him, but anything he talked about with her,
or the fact that he did that not unusual. Number one,
and most importantly, is something that would be totally above board.
President Trump spoke at a White House news conference in
the subpoena gives the Justice Department until August nineteenth to
turn over the Epstein records.
It's turn of markets now, Karen. Futures are pointed higher
as earnings take center stage, both here in the US
and in Europe. Walt Disney leads almost three dozen companies
in the S and P five hundred reporting today. In Europe,
the selloff in Nova Nordisk shares continues right now. They're
down about one percent. Sales showed the weakest growth in
four years, as the Danish drug maker lost ground to
Eli Lilly in the crucial US market for obesity drugs.
Nathan Back on Wall Street Bank of America is pushing
its investment banking analysts to disclose if they've accepted jobs elsewhere,
and telling them they face redeployed. Meant if they do
show and we get more with the Bloomberg's Charlie Pillett.
It's the latest attempt by Wall Street lenders to stem
defections to private equity firms and other rivals. A source
tells Bloomberg. Junior bankers are being asked by their managers
to divulge whether they have a new employment opportunity. Wall
Street banks, including City Group and Goldman Sachs, are pushing
back on aggressive efforts by the private equity industry to
recruit junior bankers early in their careers. In New York,
Charlie Pellett Bloomberg Radio.
I Think, Charlie and Bloomberg News has learned Open AI
as in early talks about a potential sale of stock
for current and former employees, an evaluation of about five
hundred billion dollars. The companies targeting a secondary stock sale
in the billions. Existing investors, including Thrive Capital, have approached
open ai about buying some of the employee shares. If
the deal goes ahead, it would elevate open ais on
paper price tag by roughly two thirds. Its previous valuation
stood at three hundred billion dollars.
Time now for a look at some of the o
their stories making news in New York and around the world,
and for that we're joined by Bloomberg's John Tucker, John can.
Martin and Good Marny Karen. Israel is weighing an expansion
of its arm presence in Ganza. Prime Minister Ntya who
considering whether to deploy the Israeli defense forces into the
twenty five percent of the Palestinian territory not already under
its control. Israel's foreign minister spoke at the UN yesterday.
Hamas is responsible for beginning this war by invading Israel
and committing the October seventh atrocities. Hamas is also responsible
for the continuation of this war.
Several international governments have spoken out against this spiraling humanitarian
toll on Ganza's two million plus population. A federal judges
blocked the Trump administration from reallocating four billion dollars mental
health communities protect against natural disasters. That story this morning
from Bloomberg's Amy Morris.
US District Judge Richard Stearns in Boston granted a preliminary
injunction sought by twenty Democrat led states while their lawsuit
over the funding moves forward. The States argue that Congress
allocated the four billion dollars in funds, so FEMA doesn't
have the authority to and the Building Resilient Infrastructure and
Communities program, which aims to harden infrastructure around the country
against potential storm damage. FEMA initially announced it was ending
the program, but has later said in a court filing,
it is evaluating it. In Washington, Amy Morris, Bloomberg Radio.
The Department of Health and Human Services is scaling back
on mRNA vaccine development. The move the latest under Health
and Human Services Secretary Robert F. Kennedy Junior, changing how
the nation's health department funds, develops, and reviews vaccines. Global
News twenty four hours a day and whenever you want
it with Bloomberg News Now. I'm John Tucker. This is
Bloomberg Karen.
All right, John, thank you time now for the bloombergy
Spores update. And here's John stash Hour.
John, Good morning, Good morning hearing.
These are tough times for New York baseball. Yankees and
Mets keep losing, the teams ahead of them in the
standings keep winning. The Yanks in Texas this time got
great pitching from Will Warren, but the Rangers Nathan Valdi
even better, came in with MLB's lowest DRA and then
lowered it even more, down to one point three to eighth.
The Yanks in eight innings against Devaldi, had only one hit.
The game was scoreless of the eighth when Texas loaded
the bases had rowdy Tullez at the plate against Devin Williams.
What out bases loaded full top, Now they're coming to
their feet.
Tenth pitch of the event, the US left to de
center looks time base hit.
Two runs cut into the point of the Rangers of
loveless hope.
What the Rangers.
Sports Network Texas won two nothing Yankees on this road
trip ro and five trip ends this afternoon. Mets man
has only four hits. Cleveland won at City Field three
to two. Mets have lost seven of eight, and manager
Carlos Mendoza asked about their struggles against left handers.
Eventually, he's gonna turn, you know, but as a whole,
we're having a hard time putting a rally together and
being consistent against leftis. So again, We'll continue to believe
in those guys. They're really good hitters and where there's
left these rities right now, they got our numbers, but
you know, I'm anticipating.
These to turn here quickly.
The Philly shut out the Oriols five nothing. The Mets
down trail the Fields by two and a half games.
In the Al East, Toronto won ten four at Colorado
and the Red Hot Red Sox beat Kansas City sixty two.
They're seventh win in a row. That Jays lead the
Socks by three and the Yanks have fallen six and
a half out of first. They're only a half game
ahead for a wild card. ESPN and the NFL have
now made of fish. So the story that broke last
week about the network taking over NFL media properties, the
league mine at ten percent interest in ESPN. Keenan Allen
for eleven years, the Chargers top white Out. He spent
last season in Chicago. He was a free agent. He
has signed to return in LA Johns Dashawer, Bloomberg Sports
Karen Nathan.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and.
Around the world on Bloomberg dot Com and the Bloomberg
Business app.
This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. With less than twenty four
hours to go until ramped up tariff's take effect, President
Trump is ramping up his rhetoric, saying he will announce
higher duties on drugs and chips in the next week
or so, and even higher tariffs, he says on content
countries like India that buy Russian energy.
We settled on twenty five percent, but I think I'm
going to raise that very substantially over the next twenty
four hours because they're buying Russian oil, They're fueling the
war machine, and are they going to do that, then
I'm not going to be happy.
That was the President in an interview on CNBC this morning.
We're joined by Bloomberg's news director for Europe, the Middle
East and Africa, Roslind Mathieson and Roz The stakes are
getting higher here now, with President Trump's Middle East en
voice Steve Whitkoff reportedly meeting right now with Russian President
Vladimir Putin ahead of this Friday ceasefire deadline.
Give us the latest. Well, that's right.
So we know that Wikoff is in Russia today having
meetings in the Kremlin, and the question is what is
he asking for and what is Russia, if anything, willing
to give. We know from our own reporting that there
is a conversation in the Kremlin about potentially offering to
stop airstrikes on Ukraine in a temporary fashion. That's not
Vladimir Putin, by the way, agreeing to a cease fire
or to stop his war. He seems to have every
intention of continuing it, but perhaps making that as a
gesture to try and get Donald Trump to stand down
on some of these threats, including to try and penalize
buyers of Russian energy, particularly India, as you were saying,
and try and cut off those markets for Russia which
have been very important to the Russian economy throughout the
past few years of its war in Ukraine, and so
penalizing India in particular. No great word by the way
about China, but that seems to be a separate matter
for Donald Trump. And so what can we expect from
those talks today? Will there be some kind of offer
that comes from the Kremlin out of that unlikely again
to be a full cease fire, because Vladimir Putin does
seem determined either way to press on with his war.
Yeah, to that point, I mean, is there any sense
that Russia could be swayed by this idea of secondary
tariffs as the President has termed it, given all the
economic pressure that's been brought to bear on Russia over
the last three plus years hasn't stopped the war.
Well, that's right, and Vladimir Putin does seem particularly willing
to tolerate quite a lot of pressure on his economy
either way. We've seen that over the years of all
the sanctions that have been put on, the efforts to
chase Russia's shadow fleet, to curb its very supplies and
sources of income. And so he's willing to do that,
and he's got his economy on a war footing producing
lot and that's generating its own benefit internally, masking obviously
the underlying weakness that you can really see in the
Russian economy. The question is what does it due potentially
to energy prices for Russia. How much would it depress
energy prices for Russia and that source of income for
him If Donald Trump were particularly to target India in
all of that, we can see from India, by the way,
so far today a sense that they're not minded to
stop buying energy from Russia either way, despite this pressure
from Donald Trump. So the question is would it have
an impact on prices and therefore would it impact Vladimir
Putin and what is his ultimate pain point really for
his economy.
Along with this Friday ceasefire deadline from President Trump in Ukraine,
there's also the deadline of tomorrow for higher tariffs to
kick in, and Switzerland's president is in Washington trying to
get out of the highest tariffs for any developed nation.
Is there a chance that we could see some kind
of deal come out of whatever discussions could happen with
the Swiss president.
Well, it's certainly a big challenge for her because all
we know so far of her trip she seemed to
have gotten on the plane on the fly and gone
to Washington without meetings set up. We do know she's
going to now meet with the Secretary of State Marco Rubio,
but his remit is not trade policy, and he's not
really there in the capacity to be able to have
deep negotiations on trade. His remit, obviously is more foreign policy.
Does that mean that maybe there's some kind of avenue
for the Swiss, for example, to promise to buy more
US planes, more fighter jets? Is that a way to
give Donald Trump something to get him to stand down
a bit on the tariff levels for Switzerland. But the
fact that she's not at this point lined up to
meet anyone seriously on the trade side, including Donald Trump himself,
And she doesn't have that rapport with Donald Trump, that
history with him that other leaders do, including in India
for example. She doesn't have an avenue to him, and
so for he with these meetings, it's it's a real challenge.
The question is can the Swiss offer anything that you
know would would counter at Donald Trump's intention to put
very high tariffs on them.
This is Bloomberg Daybreak, your morning podcast on the stories
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