Trump Vows to Ramp Up India Tariffs; Texas Governor Orders Arrest of Democrats

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 on global trade. President Donald Trump says he
will substantially raise the tariff on India's exports to the US.
That's over the Asian nations purchases of Russian oil. We
get the very latest with Bloomberg Trade Zar Brendan Murray.
We've seen a pattern from President Trump that he will
escalate things, the rhetoric in particular to try to de
escalate things. So he is trying to put pressure on
India to make a deal. It's one of the big
countries that originally he said was going to be among
the first of the agreements that he would sign, but
it's not going to happen. And he's trying to put
pressure on not just India, but also in the Russia situation.
He has his envoy going to Moscow in the day
or two to try to end the war in Ukraine.
So he's using tariff's this tool of economic policy to
drive his foreign policy goals.
Bloomberg's Brendan Murray says President Trump did not say by
how much you would increase the levy. India says the
targeting of its country is unjustified and unreasonable.
Meanwhile, Nathan some US allies are headed to Washington to
press the Trump administration to reduce tariffs. Switzerland announced yesterday
it is ready to make a more attractive offer after
being hit with thirty nine percent tariffs on its exports
to the US. Begin more from Bloomberg Senior editor Derek Wallbank.
Switzerland and the US have a long standing relationship where
Switzerland is even a protecting power for the United States
and dealing with some countries that the US doesn't have
diplomatic relations with, So there's a lot of tight relations there,
and Switzerland had been seen as a country that might
be on the fast track, that was going to be
one of the first ones to get a deal. From
all accounts of Swisswold blindsided Bloombergy.
Derek Wallbank adds, unlike India, Switzerland is not talking about retaliation.
Well now to a developing story in Washington, D C. Karen,
the Justice Department has opened a criminal investigation into claims
that the Obama administration took part in a conspiracy to
link President Trump to Russian election interference in the twenty
sixteen campaign. Attorney General Pam Bondi is directing prosecutors to
look into declassified documents. The Director of National Intelligence, Tulca
Gabbard released last month the.
Evidence that we have found and that we have released
directly point to President Obama leading the manufacturing of this
intelligence assessment. There are multiple pieces of evidence and intelligence
that confirm that fact.
D n I.
Talci Gabbard spoke at a White House news conference in July.
She claimed then President Obama misled the public with an
intelligence assessment that Russia interfered in the election to help
President Trump and improperly included a salacious, unverified document as
an annex to that assessment. A spokesman for form where
President Obama is responding with a statement saying, quote, these
bizarre allegations are ridiculous and a weak attempt at distraction.
Well now to a political story in Texas, Nathan that's
making waves across the country. Texas Governor Greg Abbott is
ordering the arrest of Democratic lawmakers who left the state
to block a vote on new midterm congressional maps. Many
of those Democrats went to the Chicago area, where they're
getting support from members of Congress, including Jasmine Crockett. They
are the ones that had to leave their families. They're
the ones that have warrants out for their arrest.
They're the ones that are.
Doing things that, honestly, a lot of other people do
not have the audacity to do.
Democratic Congress foman Jasmine Crocketts spoke alongside the Texas Democrats
in Warrenville, Illinois. The arrest warrants don't carry criminal charges
and cannot be enforced across state lines. President Trump has
urged Texas Republicans to withdraw their map as a way
to retain GOP control of Congress in twenty twenty six.
The move has Democratic governors like have a New sum
of California and New York's Kathy Hogel talking about retaliating
with maps of their own s.
Turn back to markets now, Karen. Futures once again are
higher after yesterday's rally on Wall Street, and this morning,
shares of Palenteer are up five percent. The data software
company reported a forty eight percent jump in second quarter
revenue to over one billion dollars that top to Wall
Street estimates. Palenteer cited the quote astonishing impact of artificial
intelligence technology on its business. Mandeep Singh is Global head
of Tech Research at Bloomberg Intelligence.
They needed numbers like this to really sustain the momentum,
so they delivered and the AI commentary is solid, So
there is no doubt that the momentum they have seen
with the business in terms of both acquiring new customers.
They called out over a million dollar deals. It was
the highest, so a lot of good metrics.
Mandeep sing of Bloomberg Intelligence says. Palenteer is also raising
its full year outlook.
Well, Nathan, big oil earnings are in focus in Europe
and go to London and get the very latest it
bloombergs you and parts you and good morning.
Karen and Nathan.
BP shares gaining today after the oil giant delivered earnings
comfortably ahead of expectations, and This City said that yesterday's
news of a major oil discovery in Brazil could push
investors to revisit the investment case. The firm Ortar says
it will see cost cuts beyond current targets. Over in
the Middle East, Saudi Aramco has reported a declining profit
for a tenth straight quarter as lower oil prices outweigh
the impact of higher production. The company's total dividend for
the quarter just over twenty one billion dollars, down from
thirty one billion dollars a year ago, and from oil
to a different type of lubrication. London based drinks Giant
Diagio one of the best performing stocks in Europe today.
That's after the maker of Johnny Walker Whiskey said it
expects to maintain sales go this year and announced more
cost cutting measures in London.
I'm youw in pots, Bloomberg.
Radio cheers you and thanks nin Deal News shares of
Star Surgical more than forty five percent. The California based
companies being bought by Swiss i care firm Alcon for
about one and a half billion dollars, and.
Nathan, a senior official, says that US is exploring ways
to equip chips with better location tracking capabilities. It's part
of the White House's broader plan to curtail smuggling and
ensure American technology remains dominant, and that includes working with
the industry to monitor the movements of sensitive components. Time
now for 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 John Tucker, John Goodmarty.
And Good Morning Karen.
More.
Air quality alerts have been posted in the Northeast because
of wildfires that are raging in Canada. Let's get the
update in this report from Bloomberg's Charlie Pellett Joshua Wise.
A forecast at the US Weather Prediction Center says there's
a big chunk of unhealthy air from Wisconsin to Maine,
which is expected to stick around at least through the
middle of the week. Air Quality alerts have been posted
in New York York City as hundreds of fires rage
across Canada from the Arctic Circle to southern Ontario. Air
Quality in New York became unhealthy for sensitive groups as
ground level concentrations of ozone, a byproduct of urban pollution,
and wildfire smoke TikTok in New York. Charlie Pellett's Bloomberg Radio.
A pair of victims of Jeffrey Epstein blasted the Trump
administration and the Justice Department for their attempts to unseal
grand jury testimony in their criminal case against the convicted
sex offender. They say government officials haven't listened to the
voices of people who were harmed by his actions. The
two victims, who weren't identified, asked in separate letters filed
in a Manhattan court yesterday that any files related to
Epstein be reviewed to protect their privacy. Epstein dined in
prison in twenty nineteen as he faced sex trafficking charges.
Israel's cabinet voted to terminate the country's attorney general, but
Israel's Supreme Court quickly issued an injunction to block the move.
The attorney general drawn fire from the Dayton Yahoo government
for insisting get a binded by a court ruling that
ends a decades long exemption for ultra Orthodox Jewish Men
from serving in the military. And Drew Pond and two
other companies will pay New Jersey up to two billion
dollars to settle environmental claim stemming from so called forever chemicals.
The state says the deal is the largest such settlement
in the state's history. Global News twenty four hours a
day and whenever you wanted with Bloomberg News Now, I'm
John Tucker. This is Bloomberg.
Karen all right, John, thank you time now for the
Bloomberg Sports update and here's John stash Hour John.
Good morning, Good morning, Karen. The Yankees had a one
and six road trip a month ago. This one may
end up being even worse. Got swept in Miami, went
to Texas, couldn't win even with a three to nothing lead,
and ace pitcher Max Breed on the mount even when
John Gillis Stanton gave them the lead back with a
two on homer. The Yanks took a five to four
lead of the ninth inning and Jack Peterson had a
pinch sh had homer off Devin Williams and the tenth
Aaron Boone intentionally walked Wyatt Langford so Jake Bird could
pitch to Josh Young.
Nap ball is hit in the air left field, indep
they wanted to face Young.
Hey Peter, they walk off three run over as Texas.
He's the Yankees. Another gut punch loss.
On the s Derek Rangers won eight to five.
Yanks.
Strand did ten, went three for fifteen with the runners
in scoring position. It left Boone yet again having to
be asked about his underachievt.
Gotta get over, I mean, we gotta, we gotta win games.
You know, the season's getting shorter. In a hurry, so
it's no time for excuses and feeling bad. And I
know everyone feels like crap, but we gotta we gotta
go take it and haven't been able to do that
on this road trip.
So the only good news at Aaron judgment turns tonight.
But Toronto won fifteen to one at Colorado, and the
Red Sox won their sixth in a row, eight five
over Kansas City. The Yanks a third place team, they're
barely ahead for a wildcard. Mets also lost in tenants.
They trailed Cleveland five nothing. Pete Lonzo almost single handedly
led them back at three run homer an RBI single
on the eighth innings is fourth end of the game,
but the Guardians won seven to six. In ten of
Brett baty Era was costly and the Phillies beat the
Orioles thirteen to three, so they lead now by a
game and a half. The NCAA is keeping the basketball
tournament at sixty eight teams, at least for next season.
There was talk of expanding the field. John Stanshleyware 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 two days until higher terriff freights
kick in on the world. President Trump is amping pressure
on India, threatening substantially higher tariffs in his words, for
its purchases.
Of Russian oil.
Vandana Hari with then the Insights says, this would be
a sharp reversal from the start of the war in Ukraine,
when the US was encouraging those purchases.
They actually needed and wanted India and China to absorb
all the Russian crew that was now being shut out
of Europe.
Vandanah Harry is founder of Founda Insights for More were
joined by Bloomberg New Senior Editor Bill Ferries and Bill
it is very interesting to see this kind of reversal,
particularly when you think about India being among the first
to engage in trade negotiations with the US. Now it
really looks like the President is singling out India.
Good morning, good morning. It really does. I mean, this
is a relationship that has just gone on a complete
roller coaster. President Trump and a Prime Minister Modi had
very close personal relationship. During Trump's first term, they both
hosted each other both in India and the US, and
it seemed like that was going to continue in this term.
In this second term, it's really taken an unpredictable swing here.
It's now India is kind of one of the outliers
really getting continually hammered by President Trump over its tariff's policy,
over its purchases of both Russian oil and Russian weaponry.
And it's not clear how what the exit ramp is
here the government. India's government has kind of struggled to
respond to this. They've been defiant. They are continuing to
take the Russian oil. So how this ends is still
a little bit unclear.
And it's interesting as well when you consider that China
buys a lot more Russian oil than India does, and
China's on a tariff pause right now.
Yeah, it's definitely not being consistently applied. China and India
have both been big purchasers not just of Russian oil,
but also of Iranian oil, and that is also sanctioned.
That hasn't come up so far with the White House,
but it is definitely seen to be They seem to
be singling out India for special treatment. I guess you
could say, So, what are.
The biggest sticking points between India and the US right now?
You mentioned the Modi government holding firm in its demands.
What are those demands right now? Is there any chance
that things could be smoothed over by August seventh, two
days away?
Well, Modi's in a really tight political position now because
this is not the first episode or run in he's
had with Trump. President Trump took credit for using tariffs
to get India and Pakistan to step back from their
conflict just a couple months ago. India disputed that that
characterization of the conflict. They did not like having President
Trump out there claiming credit. So this goes back there's
more than trade involved here. When it comes to those
trade talks, agriculture has been a big issue. The US
would like to have more access. India is really drawing
a line on that front.
So far, there's the focus on Russian oil purchases. There's
also a focus in Washington now and what's been termed
Russia Gate, with the Justice Department now opening a criminal
investigation into the claims that D and I, Tulca Gabbard
made about the Obama administration last month.
Yeah, this all goes back to Tulsa Gabbert's claims that
she well her claims that the Obama administration politicized and
manufactured intelligence to go after what she said was a
year's long coup against President Trump. She so she made
that she she sent that over to Justice Department. The
Justice Department, now under Attorney General Pam Bondi, is asking
prosecutors to use a grand jury to investigate those claims.
It's not clear really what specific actions they think were
against the law here, but they you know, this is
Donald Trump has long been upset about how he felt
like he was treated in that first term that you know,
in the impeachment process that followed, and they're going to
continue pushing this for the foreseeable future.
I mean, it's got to be very unusual for a
current administration to convene a grand jury against a prior
administration when past investigations like this have been handled by
special councils, isn't it?
That's true? And listen, this has been something that's been
well investigated both on Capitol Hill and elsewhere, including a
big report that came out that was led by now
Secretary of State Marco Rubio that concluded that Russia did
try to interfere in the twenty sixteen election in Donald
Trump's favor. So it has you know, this is not
the first time they've looked at it, and all the
previous investigations have backed up the original findings, so I'm
not sure what new evidence they're going to go to here.
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